Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 820.595

What this Subdivision is about

If:

  (a)   the head company of a consolidated group or MEC group; or

  (b)   an Australian company that cannot consolidate;

is a member of the same wholly - owned group as a foreign bank or foreign financial entity, the company can choose to treat as part of itself the Australian branches of the foreign bank or foreign financial entity, affecting how the rest of this Division applies.

Table of sections

Choice to group with branches of foreign banks and foreign financial entities

820 - 597   Choice by head company of consolidated group or MEC group

820 - 599   Choice by Australian resident company outside consolidatable group and MEC group

Effect of choice

820 - 601   Application

820 - 603   General

820 - 605   Effect on establishment entity if certain debt deductions disallowed

820 - 607   Effect on test periods under this Division

820 - 609   Effect on classification of head company or single company

820 - 610   Choice not to be outward investing entity (ADI) or inward investing entity (ADI)

820 - 611   Values to be based on what would be in consolidated accounts for group

820 - 613   How Subdivision   820 - D applies

820 - 615   How Subdivision   820 - E applies


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