Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 719 - MEC groups  

Subdivision 719-B - MEC groups and their members  

Provisional head company

SECTION 719-70   719-70   Income year of new provisional head company to be the same as that of former provisional head company  


If:


(a) a company (the new company ) is appointed as the * provisional head company of a * MEC group under subsection 719-60(3) ; and


(b) the appointment comes into force immediately after a * cessation event happens to the former provisional head company of the group;

then:


(c) if, for the income year in which the cessation event happened, the former provisional head company had not adopted an accounting period in place of the financial year concerned - the new company is taken not to have adopted an accounting period in place of that financial year; or


(d) if, for the income year in which the cessation event happened, the former provisional head company had adopted an accounting period in place of the financial year concerned - the new company is taken to have adopted an accounting period in place of that financial year that is the same as the accounting period adopted by the former provisional head company.


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