New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 24   Consolidation: pay as you go (PAYG) instalments

Part 2   Amendment of the Income Tax Assessment Act 1997

21   Subsection 995-1(1)

Insert:

created :

(a) a *consolidated group is created from a *MEC group if the consolidated group comes into existence under section 703-55 at the time the MEC group ceases to exist (as mentioned in that section); and

(b) a MEC group is created from a consolidated group if:

(i) the MEC group comes into existence under section 719-40 when a *special conversion event happens to a *potential MEC group derived from an *eligible tier-1 company of a *top company; and

(ii) the eligible tier-1 company was the *head company of the consolidated group (as mentioned in paragraph 719-40(1)(b)).