Income Tax Assessment Act 1997
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:
|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|4||(Repealed by No 90 of 2002)|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|6||(Repealed by No 136 of 2012)|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|
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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