INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 703 - Consolidated groups and their members  

Choice to consolidate a consolidatable group  

SECTION 703-50   Choice to consolidate a consolidatable group  

703-50(1)  


A company may make a choice in writing that a *consolidatable group is taken to be consolidated on and after a day that is specified in the choice and is after 30 June 2002, if the company was the *head company of the group on the day specified. Choice is irrevocable

703-50(2)  
The choice cannot be revoked, and the specification of the day cannot be amended, after the choice is made under subsection (1).

703-50(3)  


The choice can be made no later than:


(a) if the company is required to give the Commissioner its *income tax return for the income year during which the specified day mentioned in subsection (1) occurs - the day on which the company gives the Commissioner that income tax return; or


(b) otherwise - the last day in the period within which the company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return.

Choice has no effect after consolidated group ceases to exist

703-50(4)  
The choice does not have effect after the *consolidated group that came into existence because of the choice ceases to exist. To avoid doubt, this subsection does not prevent the choice from:


(a) being made by the company at a time when it is not a head company; or


(b) having effect in relation to a time before the consolidated group ceased to exist, even if that time is before the choice is made.

703-50(5)  
(Repealed by No 56 of 2010)

703-50(6)  
(Repealed by No 56 of 2010)

Choice does not have effect if company is a member of a MEC group

703-50(7)  
The choice does not have effect (and is taken not to have had effect) if, on the day specified, the company was a member of a *MEC group.


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