S 58T repealed by No 43 of 2019, s 3 and Sch 2 item 66, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. S 58T formerly read:
SECTION 58T EFFECT OF CHOICE TO CONTINUE GROUP AFTER SHELF COMPANY BECOMES NEW HEAD COMPANY
58T(1)
If a company (the
interposed company
) chooses under subsection
615-30(2)
of the
Income Tax Assessment Act 1997
that a consolidated group is to continue in existence at and after the time referred to in that subsection as the completion time, for the purposes of this Act:
(a)
the group is taken not to have ceased to exist under subsection
703-5(2)
of that Act because the company referred to in subsection
615-30(2)
of that Act as the original entity ceases to be the head company of the group; and
(b)
the interposed company is taken to have become the head company of the consolidated group at the completion time; and
(c)
the original entity is taken to have ceased to be the head company at that time.
Note:
A further result is that the original entity is taken to have become a subsidiary member of the group at that time.
History
S 58T(1) amended by No 133 of 2014, s 3 and Sch 1 items 30 and 31, by substituting
"
615-30(2)
"
for
"
124-380(5)
"
(wherever occurring) and
"
original entity
"
for
"
original company
"
(wherever occurring), applicable in relation to shares or units disposed of, redeemed or cancelled at or after 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011.
58T(2)
For the purposes referred to in subsection
58P(2)
in relation to a year of tax ending after the completion time, everything that happened in relation to the original entity before the completion time:
(a)
is taken to have happened in relation to the interposed company instead of in relation to the original entity; and
(b)
is taken to have happened in relation to the interposed company instead of what would (apart from this section) be taken to have happened in relation to the interposed company before that time;
as if, at all times before the completion time, the interposed company had been the original entity, and the original entity had been the interposed company.
Note:
This section treats the original entity and the interposed company as having in effect exchanged identities throughout the period before the completion time, but without affecting any of the original entity
'
s other attributes.
History
S 58T(2) amended by No 133 of 2014, s 3 and Sch 1 items 31 and 32, by substituting
"
original entity
"
for
"
original company
"
(wherever occurring) and
"
original entity
'
s
"
for
"
original company
'
s
"
in the note, applicable in relation to shares or units disposed of, redeemed or cancelled at or after 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011.
S 58T inserted by No 18 of 2012, s 3 and Sch 5 item 1, effective 1 July 2012.
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