Income Tax Assessment Act 1997
View history note
Hide history noteAn entity is a member of a * consolidated group or * consolidatable group while the entity is:
(a) the * head company of the group; or
(b) a * subsidiary member of the group.
703-15(2)
At a particular time in an income year, an entity is:
(a) a head company if all the requirements in item 1 of the table are met in relation to the entity; or
(b) a subsidiary member of a * consolidated group or * consolidatable group if all the requirements in item 2 of the table are met in relation to the entity:
| Head companies and subsidiary members of groups | |||
|
Column 1
Entity ' s role in relation to group |
Column 2
Income tax treatment requirements |
Column 3
Australian residence requirements |
Column 4
Ownership requirements |
| 1 Head company | The entity must be a company (but not one covered by section 703-20) that has all or some of its taxable income (if any) taxed at a rate that is or equals the * corporate tax rate | The entity must be an Australian resident (but not a * prescribed dual resident) | The entity must not be a * wholly-owned subsidiary of another entity that meets the requirements in columns 2 and 3 of this item or, if it is, it must not be a subsidiary member of a * consolidatable group or * consolidated group |
| 2 Subsidiary member | The requirements are that:
(a) the entity must be a company, trust or partnership (but not one covered by section 703-20); and (b) if the entity is a company - all or some of its taxable income (if any) must be taxable apart from this Part at a rate that is or equals the * corporate tax rate; and (c) the entity must not be a non-profit company (as defined in the Income Tax Rates Act 1986 ) |
The entity must:
(a) be an Australian resident (but not a * prescribed dual resident), if it is a company; or (b) comply with section 703-25, if it is a trust; or (c) be a partnership |
The entity must be a * wholly-owned subsidiary of the head company of the group and, if there are interposed between them any entities, the set of requirements in section 703-45, section 701C-10 of the Income Tax (Transitional Provisions) Act 1997 or section 701C-15 of that Act must be met |
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