INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-80 - ROLL-OVERS APPLYING TO ASSETS GENERALLY  

Division 615 - Roll-overs for business restructures  

Subdivision 615-B - Further requirements for choosing to obtain roll-overs  

SECTION 615-30   Interposed company must make a particular choice  

615-30(1)  
Unless subsection (2) applies, the interposed company must choose that section 615-65 applies.

615-30(2)  
The interposed company must choose that a *consolidated group continues in existence at and after the completion time with the interposed company as its *head company, if:


(a) immediately before the completion time, the consolidated group consisted of the original entity as head company and one or more other members (the other group members ); and


(b) immediately after the completion time, the interposed company is the head company of a *consolidatable group consisting only of itself and the other group members.

Note:

Sections 703-65 to 703-80 deal with the effects of the choice for the consolidated group.

615-30(3)  
A choice under subsection (1) or (2) must be made:


(a) within 2 months after the completion time, if the choice is under subsection (1); or


(b) within 28 days after the completion time, if the choice is under subsection (2); or


(c) within such further time as the Commissioner allows.

The choice cannot be revoked.

615-30(4)  
The way the interposed company prepares its *income tax returns is sufficient evidence of the making of the choice.


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