Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A notice under subsection 165 - 115ZC(4) or (5) of the Income Tax Assessment Act 1997 must be given within 6 months after the day on which the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 received the Royal Assent if the alteration time is before that day.
(2) If, because of amendments made by Schedule 14 to the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 , a notice already given under subsection 165 - 115ZC(4) or (5) of the Income Tax Assessment Act 1997 before the day referred to in subsection (1) of this section no longer complies with section 165 - 115ZC of the Income Tax Assessment Act 1997 , the entity required to give the notice may comply with that section 165 - 115ZC by giving a further notice.
(a) must vary the notice referred to in subsection (2) in such a way (which may include setting out additional information) that the notice as varied complies with section 165 - 115ZC of the Income Tax Assessment Act 1997 as affected by the amendments; and
(b) must be given within the 6 months referred to in subsection (1) of this section, or within a further period allowed by the Commissioner; and
(c) must otherwise be given in accordance with that section.
Special rules for consolidatable groups and potential MEC groups
(4) Subsections (5) and (6) have effect if:
(a) the alteration time mentioned in section 165 - 115ZC of the Income Tax Assessment Act 1997 is after 10 November 1999 and before 1 July 2004; and
(b) apart from this section, subsection 165 - 115ZC(4) or (5) of that Act would require an entity (the notifying entity ) to give a notice to another entity (the receiving entity ) in relation to the alteration time; and
(c) just before the alteration time, the notifying entity and the receiving entity were both members of the same consolidatable group or potential MEC group.
(5) Subsections 165 - 115ZC(4) and (5) of the Income Tax Assessment Act 1997 do not apply to the notifying entity if both it and the receiving entity became members of the same consolidated group or MEC group before 1 July 2004.
(6) Even if subsection (5) does not apply, the notifying entity is not required to give the notice to the receiving entity before the end of 6 months after the commencement of this subsection.
(7) Subsections (1) and (3) have effect subject to
subsections (5) and (6).