MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-7 - ENTITIES  

Division 215 - Consolidated groups  

Operative provisions  

SECTION 215-50  

215-50   EFFECT OF CHANGE OF HEAD COMPANY OR PROVISIONAL HEAD COMPANY OF A MEC GROUP  
For the purposes mentioned in subsection 215-15(2) in relation to an * MRRT year ending after the transition time:

(a) if:

(i) a company (the old head company ) is the * head company of a * MEC group at the end of an * income year; 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 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, just 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.