Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 719 - MEC groups  

Subdivision 719-B - MEC groups and their members  

Notice of events affecting group

SECTION 719-78   Notice of special conversion event  

719-78(1)    
This section applies if a *MEC group comes into existence at the time because of a choice under paragraph 719-40(e) .

719-78(2)    
The company mentioned in paragraph 719-40(b) must give the Commissioner a notice in the *approved form containing the following information:

(a) the identity of the company;

(b) the time at which the *MEC group comes into existence;

(c) the identity of each *eligible tier-1 company of the *top company in relation to the MEC group on that day;

(d) the identity of each *subsidiary member of the group at that time;

(e) the identity of each entity that was a subsidiary member of the group at that time but was not such a subsidiary member when the notice is given;

(f) the identity of each entity that was not a subsidiary member of the group at that time but was such a subsidiary member when the notice is given;

(g) the identity of each entity that became a subsidiary member of the group after that time but was not such a subsidiary member when the notice is given.

719-78(3)    
The notice must be given no later than:

(a) if the company is required to give the Commissioner its *income tax return for the income year during which that time occurs - the day on which the company gives the Commissioner that income tax return; or

(b) otherwise - 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.