MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-7 - ENTITIES  

Division 215 - Consolidated groups  

Operative provisions  

SECTION 215-55   EFFECT OF GROUP CONVERSIONS INVOLVING MEC GROUPS  

215-55(1)    
This section applies if, at a particular time (the conversion time ):

(a) a * consolidated group (the new group ) is * created from a * MEC group (the old group ); or

(b) a MEC group (the new group ) is created from a consolidated group (the old group ).

215-55(2)    
For the purposes mentioned in subsection 215-15(2) in relation to an * MRRT year ending after the conversion time:

(a) the new group is taken to be a continuation of the old group; and

(b) the old group is taken not to have ceased to exist for the purposes of subsection 215-10(4) ; and

(c) everything that happened in relation to the * head company of the old group before the conversion time is taken instead to have happened in relation to:

(i) if the head company of the old group is the same entity as the head company of the new group - that entity in its role as head company of the new group; or

(ii) otherwise - the head company of the new group (just as if the head company of the new group had been the head company of the old group at all times before the conversion time).