Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 703 - Consolidated groups and their members  

Consolidated group created when MEC group ceases to exist  

SECTION 703-55   Creating consolidated groups from certain MEC groups  

703-55(1)  
A * consolidated group comes into existence at the time a * MEC group ceases to exist if:


(a) the MEC group included only one * eligible tier-1 company just before the time; and


(b) the MEC group ceases to exist only because the company ceases to be an eligible tier-1 company; and


(c) the company is a * head company as defined in section 703-15 at the time.

703-55(2)  
To avoid doubt, the * consolidated group consists at the time of:


(a) the company (as the * head company of the consolidated group); and


(b) every entity (if any) that was a * subsidiary member of the * MEC group just before that time (as a subsidiary member of the consolidated group).


 

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