Income Tax Assessment Act 1997
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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