Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-U - Significant global entities  

Operative provisions

SECTION 960-575   Meaning of notional listed company group  

960-575(1)    
A notional listed company group is a group of entities that would be required to be consolidated for accounting purposes as a single group, on the assumption that an entity (the test entity ) were a listed company (within the meaning of section 26BC of the Income Tax Assessment Act 1936 ).

960-575(2)    
Each entity in that group is a member of the * notional listed company group.

960-575(3)    
For the purposes of subsection (1), determine whether a group of entities would be required to be consolidated for accounting purposes as a single group according to:

(a) * accounting principles; or

(b) if accounting principles do not apply in relation to the test entity - commercially accepted principles related to accounting.

960-575(4)    
In applying the * accounting principles or commercially accepted principles referred to in subsection (3):

(a) disregard any exceptions in those principles to requirements in those principles for entities to be consolidated as a single group; and

(b) without limiting paragraph (a), disregard any rule in those principles providing that one or more entities (the excepted entities ) are not required to be consolidated as a single group with one or more other entities because the effect of such consolidation would be immaterial as a result of:

(i) the size of the excepted entities; or

(ii) any other matter.