Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 1   Consolidation

Part 10   Entry and exit history rules and choices

Income Tax (Transitional Provisions) Act 1997

28   After Division 713

Insert:

Division 715 - Interactions between the consolidation rules and other areas of the income tax law

Table of Subdivisions

715-J Entry history rule and choices

715-K Exit history rule and choices

Subdivision 715-J - Entry history rule and choices

Table of sections

715-658 Application

715-659 Extension of time for making choice if joining time was before commencement

715-658 Application

Subdivision 715-J of the Income Tax Assessment Act 1997 applies on and after 1 July 2002.

715-659 Extension of time for making choice if joining time was before commencement

(1) This section extends the time given by each of the following provisions of the Income Tax Assessment Act 1997 for making a choice because an entity becomes a member of a consolidated group, if, before the commencement of the provision, the Commissioner is given notice under Division 703 that the entity has become a member of the group:

(a) subsection 715-660(4);

(b) subsection 715-665(5);

(c) paragraph 715-675(1)(c).

(2) A reference in each of those provisions to the end of 90 days after the Commissioner is given notice under Division 703 that the entity has become a member of the group has effect as if it were a reference to the end of 90 days after the commencement of the provision.

Subdivision 715-K - Exit history rule and choices

Table of sections

715-698 Application

715-699 Extension of time for making choice if leaving time was before commencement

715-698 Application

Subdivision 715-K of the Income Tax Assessment Act 1997 applies on and after 1 July 2002.

715-699 Extension of time for making choice if leaving time was before commencement

(1) This section extends the time given by each of the following provisions of the Income Tax Assessment Act 1997 for making a choice because an entity ceases to be a subsidiary member of a consolidated group at the leaving time, if the leaving time is before the commencement of the provision:

(a) subsection 715-700(5);

(b) subsection 715-705(6).

(2) A reference in each of those provisions to the end of 90 days after the leaving time has effect as if it were a reference to the end of 90 days after the commencement of the provision.