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 701D
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Transitional foreign loss makers
The head company of a consolidated group may make a choice in the approved form to apply section 701D-10 to another entity. 701D-15(2)
However, the head company cannot make that choice if subsection 701D-10(1) previously prevented the entity from being a subsidiary member of a consolidated group. 701D-15(3)
The choice must be made by the later of:
(a) the day on which the head company must give the notice under section 703-58 of the Income Tax Assessment Act 1997 (notice of choice to consolidate); and
(b) 30 days after the Taxation Laws Amendment Act (No 1) 2004 received the Royal Assent.
The choice cannot be revoked.
Subdivision 701D-B
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Rules allowing transitional foreign loss makers to remain outside consolidated group
SECTION 701D-15
Choice to apply transitional rules to entity
701D-15(1)
The head company of a consolidated group may make a choice in the approved form to apply section 701D-10 to another entity. 701D-15(2)
However, the head company cannot make that choice if subsection 701D-10(1) previously prevented the entity from being a subsidiary member of a consolidated group. 701D-15(3)
The choice must be made by the later of:
(a) the day on which the head company must give the notice under section 703-58 of the Income Tax Assessment Act 1997 (notice of choice to consolidate); and
(b) 30 days after the Taxation Laws Amendment Act (No 1) 2004 received the Royal Assent.
701D-15(4)
The choice cannot be revoked.
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