New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002 (117 of 2002)

Schedule 2   Consolidation: group continues when shelf company becomes new head company

Income Tax Assessment Act 1997

3   After subsection 124-370(1)

Insert:

(1A) You are taken to have chosen to obtain the roll-over if:

(a) immediately before the time referred to in section 124-375 as the completion time, the original company is the*head company of a*consolidated group; and

(b) immediately after the completion time, the interposed company is the head company of the group.

Note: The consolidated group continues in existence because of section 703-70.