S 58N repealed by No 43 of 2019, s 3 and Sch 2 item 66, effective 1 July 2019. For application, transitional and savings provisions, see note under s
. S 58N formerly read:
SECTION 58N CHOICE TO CONSOLIDATE
A head company of a consolidated group or a MEC group or a provisional head company of a MEC group may, in writing, choose to apply this Division in relation to the group.
However, subsection (1) does not apply if a notice has not been given to the Commissioner under section
Income Tax Assessment Act 1997
in relation to the group.
S 58N(2) amended by No 88 of 2013, s 3 and Sch 7 item 122, by substituting
, 719-76 or 719-78
, effective 1 July 2012.
The choice is not valid unless it is in the approved form, and the head company or the provisional head company gives it to the Commissioner:
within 21 days after making the choice; or
within such further period as the Commissioner allows.
The choice is irrevocable, and:
has effect on and after the day the choice is made; and
does not have effect after the consolidated group or MEC group ceases to exist.
The head company
s interests in petroleum projects just before a consolidated group or MEC group ceases to exist would be transferred at the time the group ceases to exist: see section
S 58N inserted by No 18 of 2012, s 3 and Sch 5 item 1, effective 1 July 2012.