Income Tax Assessment Act 1997

Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Div 703 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

S 703-50(1) amended by No 43 of 2019, s 3 and Sch 2 items 79 and 80, by substituting " Note " for " Note 1 " and repealing note 3, effective 1 July 2019. For application, transitional and savings provisions, see note under s 721-10(2) . Note 3 formerly read:

Note 3:

A group that is consolidated for income tax purposes may also consolidate for the purposes of the Petroleum Resource Rent Tax Assessment Act 1987 (see section 58N of that Act).

S 703-50(1) amended by No 96 of 2014, s 3 and Sch 1 item 19, by repealing note 2, effective 30 September 2014. For transitional provisions see note under s 15-85 . Note 2 formerly read:

Note 2:

A group that is consolidated for income tax purposes may also consolidate for the purposes of the Minerals Resource Rent Tax Act 2012 (see section 215-10 of that Act).

S 703-50(1) amended by No 18 of 2012, s 3 and Sch 5 item 2, by inserting note 3 at the end, effective 1 July 2012.

S 703-50(1) amended by No 14 of 2012, s 3 and Sch 3 items 40 and 41, by inserting " 1 " after " Note " and inserting note 2, effective 1 July 2012. For application and transitional provisions see note under s 15-85 .

S 703-50(1) amended by No 56 of 2010, s 3 and Sch 5 items 155 and 156, by substituting " in writing " for " in the *approved form given to the Commissioner within the period described in subsection (3) " and inserting the note at the end. No 56 of 2010, s 3 and Sch 5 item 193 contains the following application provision:

193 Application provision  
(1)
The amendments made by this Part apply in relation to a consolidated group or MEC group on or after:

(a) if the head company of the consolidated group (or the head company or provisional head company of the MEC group) makes a choice in accordance with subitems (2) and (3) - 10 February 2010; or

(b) otherwise - 1 July 2002.

(2)
A choice mentioned in paragraph (1)(a) must be made:

(a) on or before 30 June 2014; or

(b) within a further time allowed by the Commissioner.

(3)
A choice mentioned in paragraph (1)(a) must be made in writing.

S 703-50(3) substituted by No 56 of 2010, s 3 and Sch 5 item 157. For application provision see note under s 703-50(1) . S 703-50(3) formerly read:

Period for giving choice to Commissioner

703-50(3)
The period for giving the choice to the Commissioner:

(a) starts at the start of the day specified in the choice; and

(b) ends at the end of:

(i) the day on which the company gives the Commissioner its ^* income tax return for the income year during which the day specified in the choice occurs; or

(ii) the last day in the period within which the company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return.

S 703-50(3) amended by No 16 of 2003, s 3 and Sch 3 item 1, by substituting " income year during which the day specified in the choice occurs " for " first income year ending after the day specified in the choice " in para (b)(i), effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

S 703-50(5) repealed by No 56 of 2010, s 3 and Sch 5 item 158. For application provision see note under s 703-50(1) . S 703-50(5) formerly read:

Choice does not have effect if it contains wrong information

703-50(5)
The choice does not have effect (and is taken not to have had effect) if the Commissioner is satisfied that the choice contains information that is incorrect in a material particular.

S 703-50(6) repealed by No 56 of 2010, s 3 and Sch 5 item 158. For application provision see note under s 703-50(1) . S 703-50(6) formerly read:

Commissioner may give effect to choice despite wrong information

703-50(6)
Subsection (5) does not prevent the choice from having effect (and being taken to have had effect) if the Commissioner gives the company written notice that the choice has effect despite the incorrect information.

Note:

Subsection (6) does not let the Commissioner make the choice effective if it did not have effect because it was not made in accordance with subsection (1). This could have happened if:

(a) the choice was not in the approved form (for example because it did not include information the Commissioner required (whether in the form or otherwise)); or

(b) the choice was not given to the Commissioner within the period described in subsection (3); or

(c) the company was not the head company of a consolidatable group on the day specified in the choice.

S 703-50 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).