Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 5   Consolidation

Part 18   Choice to consolidate

Income Tax Assessment Act 1997

159   Before section 703-60 (after the group heading)

Insert:

703-58 Notice of choice to consolidate

(1) If a *consolidated group comes into existence on the day specified in a choice under section 703-50, the *head company of the group must give the Commissioner a notice in the *approved form containing the following information:

(a) the identity of the head company;

(b) the day specified in the choice on which the *consolidatable group is taken to be consolidated;

(c) the identity of each *subsidiary member of the group on that day;

(d) the identity of each entity that was a subsidiary member of the group on that day but was not such a subsidiary member when the notice is given;

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

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

(2) The notice must be given no later than:

(a) if the *head company is required to give the Commissioner its *income tax return for the income year during which that day 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 head company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return.