Commonwealth Consolidated Acts Commonwealth Consolidated ActsGroup formed on 1 July 2002
(1) If a consolidated group came into existence on 1 July 2002:
(a) the group is a transitional group ; and
(b) each entity that became a subsidiary member of the group on the day it came into existence is a transitional entity .
Group formed after 1 July 2002 but before 1 July 2003
(2) If a consolidated group came into existence after 1 July 2002 but before 1 July 2003:
(a) the group is a transitional group if at least one entity that became a subsidiary member of the group on the day the group came into existence is a transitional entity ; and
(b) an entity is a transitional entity if:
(i) at no time after 1 July 2002 and before the group came into existence was the entity a wholly - owned subsidiary of the entity (the future head company ) that became the head company of the group; or
(ii) at some time during that period, the entity was a wholly - owned subsidiary of the future head company and it remained such from the earliest time after 1 July 2002 when it was a wholly - owned subsidiary of the future head company until the group came into existence.
Group formed during financial year starting on 1 July 2003
(3) If a consolidated group came into existence during the financial year starting on 1 July 2003:
(a) the group is a transitional group if at least one entity that became a subsidiary member of the group on the day the group came into existence is a transitional entity; and
(b) an entity is a transitional entity if:
(i) just before 1 July 2003, it was a wholly - owned subsidiary of the future head company; and
(ii) it remained such from the earliest time after 1 July 2002 when it was a wholly - owned subsidiary of the future head company until the group came into existence.