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

Schedule 5   Consolidation

Part 1   Use of the tax cost setting amount

3   Division 3 - Application and transitional provisions

7   Application provision

(1) The amendments made by Division 1 of this Part apply on and after 1 July 2002.

(2) The amendment made by Division 2 of this Part applies in relation to a consolidated group or MEC group on and after:

(a) if the head company of the group makes a choice in accordance with subitems (3) and (4) - 1 July 2002; or

(b) otherwise - the day on which the Bill that became this Act was introduced into the House of Representatives.

(3) A choice mentioned in paragraph (2)(a) must be made:

(a) on or before 30 June 2011; or

(b) within a further time allowed by the Commissioner.

(4) A choice mentioned in paragraph (2)(a) must be made in writing.