S 58U repealed by No 43 of 2019, s 3 and Sch 2 item 66, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. S 58U formerly read:
SECTION 58U EFFECT OF CHANGE OF HEAD COMPANY OR PROVISIONAL HEAD COMPANY OF A MEC GROUP
58U(1)
For the purposes referred to in subsection
58P(2)
in relation to a year of tax:
(a)
if:
(i)
a company (the
old head company
) is the head company of a MEC group at the end of an income year (within the meaning of the
Income Tax Assessment Act 1997
); and
(ii)
a different company (the
new head company
) is the head company of the group at the start of the next income year (the
transition time
); or
(b)
if:
(i)
a company (also the
old head company
) is the provisional head company of a MEC group just before a cessation event (within the meaning of that Act) happens to the company; and
(ii)
a different company (also the
new head company
) is the provisional head company of the group just after that cessation event (also the
transition time
);
everything that happened in relation to the old head company before the transition time is taken to have happened in relation to the new head company instead, as if the new head company had been the old head company at all times before the transition time.
Note 1:
This section treats the new head company as having in effect assumed the identity of the old head company throughout the period before the transition time, but without affecting any of the other attributes of the old head company.
Note 2:
A further result is that the old head company is taken to have become a subsidiary member of the group at the transition time.
History
S 58U(1) amended by No 88 of 2013, s 3 and Sch 7 items 130
-
131, by substituting
"
MEC group
"
for
"
*MEC group
"
in para (a)(i) and
"
provisional head company of a MEC group
"
for
"
*provisional head company of a *MEC group
"
in para (b)(i), effective 1 July 2012.
58U(2)
However, this section does not apply in relation to a year of tax ending on or before the transition time.
S 58U inserted by No 18 of 2012, s 3 and Sch 5 item 1, effective 1 July 2012.
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