Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 721.20

Limit on liability where group first comes into existence

  (1)   This section operates if the group came into existence during the period to which a group liability relates.

  (2)   The contributing members' liability under subsection   721 - 15(1) to pay the group liability is limited to the proportion of the group liability that is reasonably attributable to the period:

  (a)   beginning at the time the group came into existence; and

  (b)   ending at the time when the period to which the group liability relates ends.


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