Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 719 - MEC groups  

Subdivision 719-B - MEC groups and their members  

Notice of events affecting group

SECTION 719-76   Notice of choice to consolidate  

719-76(1)  
This section applies if:


(a) a *MEC group comes into existence on the day specified in a choice under section 719-50 ; and


(b) subsection 719-75(1) , (2) or (3) would apply to the MEC group in relation to the *income year of a company in which the specified day occurred; and


(c) in a case where subsection 719-75(1) or (2) applies - the company will be the *head company of the group as at the end of the income year; and


(d) in a case where subsection 719-75(3) applies - the company will be the head company of the group immediately before the group ceased to exist.

719-76(2)  
The company must give the Commissioner a notice in the *approved form containing the following information:


(a) the identity of the company;


(b) the day specified in the choice on which the *MEC group comes into existence;


(c) the identity of each *eligible tier-1 company of the *top company in relation to the MEC group on that day;


(d) the identity of each *subsidiary member of the group on that day;


(e) the identity of each entity that was a subsidiary member of the group on that day but was not such a subsidiary member when the notice is given;


(f) the identity of each entity that was not a subsidiary member of the group on that day but was such a subsidiary member when the notice is given;


(g) the identity of each entity that became a subsidiary member of the group after that day but was not such a subsidiary member when the notice is given.

719-76(3)  
The notice must be given no later than:


(a) if the 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 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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