Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 721 - Liability for payment of tax where head company fails to pay on time  

Joint and several liability of contributing member  

SECTION 721-20   Limit on liability where group first comes into existence  

721-20(1)  
This section operates if the group came into existence during the period to which a group liability relates.

721-20(2)  
The contributing members' liability under subsection 721-15(1) to pay the group liability is limited to the proportion of the group liability that is reasonably attributable to the period:

(a) beginning at the time the group came into existence; and

(b) ending at the time when the period to which the group liability relates ends.