Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

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History

Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Division 703 - Consolidated groups and their members  

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History

Div 703 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Effects of choice to continue group after shelf company becomes new head company  

SECTION 703-80  

703-80   Effects on the original entity ' s tax position  

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In applying section 701-30 to the original entity for the income year that includes the completion time, disregard a non-membership period that starts before the completion time.

Note 1:

Section 701-30 is about working out an entity ' s tax position for a period when it is not a subsidiary member of any consolidated group. Its application can also affect the entity's tax position in later income years.

Note 2:

Under section 703-75 the interposed company inherits the original entity ' s tax position for the part of the income year that ends before the completion time, with the consequence that the original entity ' s taxable income, income tax payable, and losses of any sort, for that part are each nil.

Because of section 703-75 and this section, the only tax payable by the original entity for the income year arises because of the application of section 701-30 to non-membership periods in the income year after the completion time.

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History

S 703-80 amended by No 133 of 2014, s 3 and Sch 1 items 27 - 29, by substituting " original entity " for " original company " (first occurring), " original entity ' s " for " original company ' s " (wherever occurring) and " original entity " for " original company " in note 2, applicable in relation to shares or units disposed of, redeemed or cancelled at or after 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011.

S 703-80 inserted by No 117 of 2002, s 3 and Sch 2 item 10, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

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