S 58V repealed by No 43 of 2019, s 3 and Sch 2 item 66, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. S 58V formerly read:
SECTION 58V EFFECT OF GROUP CONVERSIONS INVOLVING MEC GROUPS
58V(1)
This section applies if, at a particular time (the
conversion time
):
(a)
a consolidated group (the
new group
) is created from a MEC group (the
old group
); or
(b)
a MEC group (the
new group
) is created from a consolidated group (the
old group
).
History
S 58V(1) amended by No 88 of 2013, s 3 and Sch 7 item 132, by substituting
"
MEC group
"
for
"
*MEC group
"
in para (a), effective 1 July 2012.
58V(2)
For the purposes referred to in subsection
58P(2)
in relation to a year of tax ending after the conversion time:
(a)
the new group is taken to be a continuation of the old group; and
(b)
the old group is taken not to have ceased to exist for the purposes of subsection
58N(4)
; and
(c)
everything that happened in relation to the head company of the old group before the conversion time is taken instead to have happened in relation to:
(i)
if the head company of the old group is the same entity as the head company of the new group
-
that entity in its role as head company of the new group; or
(ii)
otherwise
-
the head company of the new group (as if the head company of the new group had been the head company of the old group at all times before the conversion time).
58V(3)
If this section applies because a MEC group is created from a consolidated group, references in paragraph (2)(c) to the head company of the new group are taken to be references to the head company or the provisional head company of the new group.
History
S 58V(3) inserted by No 88 of 2013, s 3 and Sch 7 item 133, effective 1 July 2012.
S 58V inserted by No 18 of 2012, s 3 and Sch 5 item 1, effective 1 July 2012.
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