Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 5   Consolidation

Part 18   Choice to consolidate

Income Tax Assessment Act 1997

177   Subsection 719-50(1)

Repeal the subsection, substitute:

Making a choice to consolidate

(1) If:

(a) a *potential MEC group (the first group ) derived from 2 or more *eligible tier-1 companies of a *top company is in existence at the start of a particular day; and

(b) that day is after 30 June 2002; and

(c) none of those eligible tier-1 companies is already a member of a *MEC group or a *consolidated group;

those eligible tier-1 companies, jointly, may make a choice in writing that the first group be consolidated on and after that day. If they do so, the choice must specify that day.

Note: The provisional head company must give the Commissioner a notice in the approved form containing information about the group (see sections 719-76 and 719-80).