Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-U - Significant global entities  

Operative provisions

SECTION 960-575   Meaning of notional listed company group  

960-575(1)  
A notional listed company group is a group of entities that would be required to be consolidated for accounting purposes as a single group, on the assumption that an entity (the test entity ) were a listed company (within the meaning of section 26BC of the Income Tax Assessment Act 1936 ).

960-575(2)  
Each entity in that group is a member of the *notional listed company group.

960-575(3)  
For the purposes of subsection (1), determine whether a group of entities would be required to be consolidated for accounting purposes as a single group according to:


(a) *accounting principles; or


(b) if accounting principles do not apply in relation to the test entity - commercially accepted principles related to accounting.

960-575(4)  
In applying the *accounting principles or commercially accepted principles referred to in subsection (3):


(a) disregard any exceptions in those principles to requirements in those principles for entities to be consolidated as a single group; and


(b) without limiting paragraph (a), disregard any rule in those principles providing that one or more entities (the excepted entities ) are not required to be consolidated as a single group with one or more other entities because the effect of such consolidation would be immaterial as a result of:


(i) the size of the excepted entities; or

(ii) any other matter.

 

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