New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 24   Consolidation: pay as you go (PAYG) instalments

Part 1   Amendment of the Taxation Administration Act 1953

17   At the end of section 45-865 in Schedule 1

Add:

(3) To avoid doubt, if:

(a) during the *instalment quarter or the *consolidation transitional year mentioned in paragraph (2)(a), the entity is a *subsidiary member of:

(i) 2 or more *consolidated groups; or

(ii) one or more consolidated groups and one or more *MEC groups; and

(b) an amount is taken into account under that paragraph or paragraph (2)(b) in working out the credit to which the *head company of one of the groups is entitled under subsection (1);

that amount is not to be taken into account in working out the credit to which the head company of another of those groups is entitled under that subsection.

(4) A reference in subsection (3) to subsection (1) or paragraph (2)(a) or (b) includes a reference to that provision in its extended operation in relation to a *MEC group under Subdivision 45-S.

Note: This section applies to members of a MEC group with the modifications set out in section 45-930.