Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 703 - Consolidated groups and their members  

Notice of events affecting consolidated group  

SECTION 703-60   Notice of events affecting consolidated group  

703-60(1)  
Within 28 days of an event described in an item of the table, the entity described in column 3 of the item must give the Commissioner notice in the * approved form of the event.


Notice of events
Column 1 Column 2 Column 3
Item If this event happens: Notice must be given by:
1 An entity becomes a *member of a *consolidated group The *head company of the consolidated group
2 An entity ceases to be a *subsidiary member of a *consolidated group The *head company of the group, or the person who was its public officer just before it ceased to exist if the former subsidiary member ceases to be a *member of the group because the head company ceases to exist
3 A *consolidated group ceases to exist The company that was the *head company of the group, or the person who was its public officer just before it ceased to exist if it ceases to be the head company of the group because it ceases to exist

703-60(2)  


Despite subsection (1), if:


(a) an event described in subsection (1) happens in relation to a * consolidated group that comes into existence on the day specified in a choice under section 703-50 ; and


(b) the event happens before the relevant notice is given to the Commissioner under section 703-58 (notice of choice to consolidate);

the * head company of the consolidated group must give the Commissioner notice in the * approved form of the event.

703-60(2A)  


The notice must be given no later than:


(a) if the *head company is required to give the Commissioner its *income tax return for the income year during which that day occurs - the day on which the company gives the Commissioner that income tax return; or


(b) otherwise - the last day in the period within which the head company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return.

703-60(3)  


Despite subsection (1), if:


(a) an event described in subsection (1) happens in relation to a * consolidated group that comes into existence at a time under subsection 703-55(1) because a * MEC group ceased to exist at that time; and


(b) the * MEC group came into existence under paragraph 719-5(1)(a) because a choice under section 719-50 is made after that time; and


(c) the event happens before the relevant notice is given to the Commissioner under section 719-76 (notice of choice to consolidate);

the * head company of the consolidated group must give the Commissioner notice in the * approved form of the event.

703-60(4)  


The notice must be given no later than:


(a) if the *head company is required to give the Commissioner its *income tax return for the income year during which that day occurs - the day on which the company gives the Commissioner that income tax return; or


(b) otherwise - the last day in the period within which the head company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return.


 

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