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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 701D.15

Choice to apply transitional rules to entity

             (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



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