INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 703 - Consolidated groups and their members  

Basic concepts  

SECTION 703-20   Certain entities that cannot be members of a consolidated group or consolidatable group  

703-20(1)  
The object of this section is to specify certain entities that cannot be * members of a * consolidated group because of the way their income is treated for income tax purposes.

703-20(2)  


An entity of a kind specified in an item of the table cannot be a * member of a * consolidated group or a * consolidatable group at a time in an income year if the conditions specified in the item exist:


Graphic
Graphic
Certain entities that cannot be members of a consolidated or consolidatable group
Item An entity of this kind: Cannot be a member of a consolidated group or consolidatable group if:
1 An entity of any kind At the time, the total * ordinary income and * statutory income of the entity is exempt from income tax under Division 50
2 A company The company is a recognised medium credit union (as defined in section 6H of the Income Tax Assessment Act 1936 ) for the income year
3 A company The company:
(a) is an approved credit union for the income year for the purposes of section 23G of the Income Tax Assessment Act 1936 ; and
(b) is not a recognised medium credit union (as defined in section 6H of that Act) or a recognised large credit union (as defined in that section) for the income year
4 (Repealed by No 90 of 2002)
5 A company The company is a * PDF at the end of the income year
6 (Repealed by No 136 of 2012)
7 A trust The trust is:
(a) a * complying superannuation entity for the income year; or
(b) a * non-complying approved deposit fund or a * non-complying superannuation fund for the income year

Note:

A subsidiary of a life insurance company cannot be a member of a consolidated group or consolidatable group in certain circumstances: see section 713-510 .


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