Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 715.675

Head company adopting choice with ongoing effect

             (1)  This section has effect, despite section 715-670, if:

                     (a)  an entity that becomes a * member of a * consolidated group had a choice (however described) in effect under a provision (the choice provision ) listed in that section before becoming a member of the group; and

                     (b)  the time at which the entity becomes a member of the group is the first time at which an entity that had a choice (however described) in effect under the choice provision before becoming a member of the group became a member of the group; and

                     (c)  the * head company of the group chooses in writing, before:

                              (i)  the end of 90 days after the Commissioner is given notice under Division 703 that the entity has become a member of the group; or

                             (ii)  a later time allowed by the Commissioner;

                            to be treated as if the head company had made a choice under the choice provision.

             (2)  The * head company is taken to have made a choice under the choice provision for these purposes:

                     (a)  the head company core purposes set out in section 701-1 (Single entity rule);

                     (b)  the purposes of the application of section 715-670 and paragraph (1)(a) in relation to another * consolidated group of which the company later becomes a * subsidiary member.

Table of sections

Choices leaving entity can make ignoring exit history rule

715-700    Choices leaving entity can make ignoring exit history rule

Choices leaving entity can make ignoring exit history rule to overcome inconsistencies

715-705    Choices leaving entity can make ignoring exit history rule to overcome inconsistencies

Choices leaving entity can make ignoring exit history rule



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