INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 701D - Transitional foreign loss makers  

Subdivision 701D-B - Rules allowing transitional foreign loss makers to remain outside consolidated group  

SECTION 701D-15   Choice to apply transitional rules to entity  

701D-15(1)  
The head company of a consolidated group may make a choice in the approved form to apply section 701D-10 to another entity.

701D-15(2)  
However, the head company cannot make that choice if subsection 701D-10(1) previously prevented the entity from being a subsidiary member of a consolidated group.

701D-15(3)  
The choice must be made by the later of:


(a) the day on which the head company must give the notice under section 703-58 of the Income Tax Assessment Act 1997 (notice of choice to consolidate); and


(b) 30 days after the Taxation Laws Amendment Act (No 1) 2004 received the Royal Assent.

701D-15(4)  
The choice cannot be revoked.




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