Income Tax Assessment Act 1997

Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Div 719 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Subdiv 719-B heading inserted by No 117 of 2002, s 3 and Sch 8 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

S 719-55 substituted by No 56 of 2010, s 3 and Sch 5 item 180. For application provision see note under s 703-50(1) . S 719-55 formerly read:

SECTION 719-55 When choice starts to have effect  
When choice starts to have effect

719-55(1)
A choice under section 719-50 is taken to have started to have effect on the day specified in the choice.

Choice does not have effect - notice is wrong

719-55(2)
A choice does not have effect (and is taken not to have had effect) if the Commissioner is satisfied that the choice contains information that is incorrect in a material particular.

Note:

The choice does not have effect if the choice omitted material information, because the notice would not have been in the approved form.

Commissioner may give effect to choice despite wrong notice

719-55(3)
Subsection (2) does not prevent the choice from having effect as described in subsection (1) if the Commissioner gives the company that, as a result of the choice, will become the ^* provisional head company of the group, written notice that the choice has effect despite the incorrect information.

S 719-55 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).