(1) The head company of a consolidated group may make a choice in the approved form to apply section 701D-10 to another entity.
(2) However, the head company cannot make that choice if subsection 701D-10(1) previously prevented the entity from being a subsidiary member of a consolidated group.
(3) The choice must be made by the later of:
(a) the day on which the head company must give the notice under section 703-58 of the Income Tax Assessment Act 1997 (notice of choice to consolidate); and
(b) 30 days after the Taxation Laws Amendment Act (No. 1) 2004 received the Royal Assent.
(4) The choice cannot be revoked.
Table of sections
702-1 Modified application of section 40-77 of this Act to assets that an entity brings into a consolidated group
702-4 Extended operation of subsection 40-285(3)
702-5 Modified application of subsection 40-285(6) of this Act after entity brings assets into consolidated group