Income Tax (Transitional Provisions) Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-90
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CONSOLIDATED GROUPS
Division 701
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Modified application of provisions of Income Tax Assessment Act 1997 for certain consolidated groups formed in 2002-03 and 2003-04 financial years
If a consolidated group came into existence on 1 July 2002:
(a) the group is a transitional group ; and
(b) each entity that became a subsidiary member of the group on the day it came into existence is a transitional entity . Group formed after 1 July 2002 but before 1 July 2003 701-1(2)
If a consolidated group came into existence after 1 July 2002 but before 1 July 2003:
(a) the group is a transitional group if at least one entity that became a subsidiary member of the group on the day the group came into existence is a transitional entity ; and
(b) an entity is a transitional entity if:
If a consolidated group came into existence during the financial year starting on 1 July 2003:
(a) the group is a transitional group if at least one entity that became a subsidiary member of the group on the day the group came into existence is a transitional entity; and
(b) an entity is a transitional entity if:
Subdivision 701-A
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Preliminary
SECTION 701-1
Transitional group and transitional entity
Group formed on 1 July 2002
701-1(1)
If a consolidated group came into existence on 1 July 2002:
(a) the group is a transitional group ; and
(b) each entity that became a subsidiary member of the group on the day it came into existence is a transitional entity . Group formed after 1 July 2002 but before 1 July 2003 701-1(2)
If a consolidated group came into existence after 1 July 2002 but before 1 July 2003:
(a) the group is a transitional group if at least one entity that became a subsidiary member of the group on the day the group came into existence is a transitional entity ; and
(b) an entity is a transitional entity if:
(i) at no time after 1 July 2002 and before the group came into existence was the entity a wholly-owned subsidiary of the entity (the future head company ) that became the head company of the group; or
Group formed during financial year starting on 1 July 2003 701-1(3)
(ii) at some time during that period, the entity was a wholly-owned subsidiary of the future head company and it remained such from the earliest time after 1 July 2002 when it was a wholly-owned subsidiary of the future head company until the group came into existence.
If a consolidated group came into existence during the financial year starting on 1 July 2003:
(a) the group is a transitional group if at least one entity that became a subsidiary member of the group on the day the group came into existence is a transitional entity; and
(b) an entity is a transitional entity if:
(i) just before 1 July 2003, it was a wholly-owned subsidiary of the future head company; and
(ii) it remained such from the earliest time after 1 July 2002 when it was a wholly-owned subsidiary of the future head company until the group came into existence.
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