Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 703 - Consolidated groups and their members  

Consolidated group created when MEC group ceases to exist  

SECTION 703-55   Creating consolidated groups from certain MEC groups  

703-55(1)    
A ^* consolidated group comes into existence at the time a ^* MEC group ceases to exist if:

(a) the MEC group included only one ^* eligible tier-1 company just before the time; and

(b) the MEC group ceases to exist only because the company ceases to be an eligible tier-1 company; and

(c) the company is a ^* head company as defined in section 703-15 at the time.

703-55(2)    
To avoid doubt, the ^* consolidated group consists at the time of:

(a) the company (as the ^* head company of the consolidated group); and

(b) every entity (if any) that was a ^* subsidiary member of the ^* MEC group just before that time (as a subsidiary member of the consolidated group).