Income Tax Assessment Act 1997
The consequences specified in subsection (2) apply if:
(a) an amount is included in the former subsidiary's assessable income for an income year because of section 45-15 or 45-20 ; and
(b) the former subsidiary is liable to pay an amount of income tax for that income year; and
(c) the former subsidiary does not pay all of that income tax within 6 months after it became payable. 45-25(2)
The consequences are that:
(a) the former subsidiary remains liable to pay the outstanding amount of income tax (reduced by any payments of tax imposed by the New Business Tax System (Former Subsidiary Tax Imposition) Act 1999 ); and
(b) each company that was, just before the time when the direct or indirect beneficial ownership referred to in paragraph 45-15(1)(f) or 45-20(1)(f) was acquired, a member of the former subsidiary's former * wholly-owned group, is jointly and severally liable to pay tax imposed by the New Business Tax System (Former Subsidiary Tax Imposition) Act 1999 .
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