Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-90
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CONSOLIDATED GROUPS
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.
Division 721
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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.
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