Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)
Schedule 2 Consolidation etc.
Part 10 Liability for payment of tax where head company fails to pay on time
Income Tax Assessment Act 1997
59 After subsection 721-15(3)
(3A) Subsection (1) is taken never to have made a particular contributing member jointly and severally liable to pay the group liability if:
(a) the group liability was taken never to have been covered by the tax sharing agreement because of subsection 721-25(3); and
Note: Subsection 721-25(3) provides for this to happen if the Commissioner did not receive a copy of the tax sharing agreement within 14 days after the Commissioner gave the head company the notice under that subsection.
(b) the Commissioner gave the contributing member written notice of the group liability under subsection (5); and
(c) apart from the operation of subsection 721-25(3), the contributing member left the group clear of the group liability in accordance with section 721-35; and
(d) the contributing member gave the Commissioner a copy of the tax sharing agreement (that is, the relevant agreement mentioned in paragraph 721-25(1)(a)) in the *approved form; and
(e) if the Commissioner gave the contributing member written notice of the group liability under subsection (5) (ignoring subsection 721-17(2)) - the contributing member gave that copy of the agreement to the Commissioner within 14 days after that notice was given.