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Ruling
Subject: Whether entity can make a choice to consolidate
Question 1
Can ACo choose under section 703-50 of the ITAA 1997 to form a tax consolidated group from DD/MM/YYYY by making a choice to form a tax consolidated group on and from DD/MM/YYYY before its tax return for the income year ending DD/MM?YYYY is lodged?
Answer
Yes
Relevant facts and circumstances
ACo, is the head company of the consolidatable group
BCo is a subsidiary member of the consolidatable group
ACo is seeking to make a choice to form a consolidated group
ACo is required to lodge an income tax return for the relevant income year
ACo must make the choice to consolidate by the date in which it submits its income tax return for the relevant income year
Relevant legislative provisions
Income Tax Assessment Act 1997 703-50
Reasons for decision
As ACo meets all of the requirements of section 703-50 of the ITAA 1997, it will be eligible to make the choice to form a consolidated group.