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 719 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 ).

Subdiv 719-B heading inserted by No 117 of 2002, s 3 and Sch 8 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 719-50(1) amended by No 43 of 2019, s 3 and Sch 2 items 81 and 82, 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 719-50(1) amended by No 96 of 2014, s 3 and Sch 1 item 20, 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 719-50(1) amended by No 18 of 2012, s 3 and Sch 5 item 3, by inserting note 3 at the end, effective 1 July 2012.

S 719-50(1) amended by No 14 of 2012, s 3 and Sch 3 items 42 and 43, 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 719-50(1) substituted by No 56 of 2010, s 3 and Sch 5 item 177. For application provision see note under s 703-50(1) . S 719-50(1) formerly read:

Making a choice to consolidate

719-50(1)
If:

(a) a ^* potential MEC group (the first group ) derived from 2 or more ^* eligible tier-1 companies of a ^* top company is in existence at the start of a particular day; and

(b) that day is after 30 June 2002; and

(c) none of those eligible tier-1 companies is already a member of a ^* MEC group or a ^* consolidated group;

those eligible tier-1 companies may give the Commissioner a written notice in the ^* approved form, jointly:

(d) specifying that day; and

(e) making a choice that the first group be consolidated on and after that day.

Note:

The notice must also include an appointment of an eligible tier-1 company to be the provisional head company of the ^* MEC group - see subsection 719-60(1).

S 719-50(3) substituted by No 56 of 2010, s 3 and Sch 5 item 178. For application provision see note under s 703-50(1) . S 719-50(3) formerly read:

Time at which choice must be given to Commissioner

719-50(3)
If, as a result of a choice:

(a) subsection 719-75(1), (2) or (3) would apply to the ^* MEC group concerned in relation to the ^* income year of a company in which the specified day occurred; and

(b) in a case where subsection 719-75(1) or (2) applies - the company will be the ^* head company of the group as at the end of the income year; and

(c) in a case where subsection 719-75(3) applies - the company will be the ^* head company of the group immediately before the group ceased to exist;

notice of the choice must be given to the Commissioner:

(d) if the company is required to give the Commissioner an ^* income tax return for the income year in which the specified day occurred - during the period:

(i) beginning on the specified day; and

(ii) ending on the day on which the company gives that return; or

(e) if the company is not required to give the Commissioner an income tax return for the income year in which the specified day occurred - during the period:

(i) beginning on the specified day; and

(ii) ending at the end of the period within which the company would have been required to give an income tax return for that income year, if the company had been required to give an income tax return for that income year.

S 719-50(3A) inserted by No 56 of 2010. For application provision see note under s 703-50(1) .

S 179-50(4) amended by No 56 of 2010, s 3 and Sch 5 item 179, by substituting para (b). For application provision see note under s 703-50(1) . Para (b) formerly read:

(b) another company (the other company ) that was an eligible tier-1 company at the start of the specified day ceased to exist at a time before the day on which notice of the choice was given to the Commissioner; and

S 719-50 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 ).