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

Schedule 5   Consolidation

Part 15   Transitional concession for SAPs

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

140   Transitional provision - revocation of choice for transitional entities

(1) This item applies in relation to a consolidated group or MEC group if:

(a) the head company of the group makes a choice in accordance with subitems (2) and (3) of the previous item; and

(b) the group came into existence:

(i) on or after 1 July 2003; and

(ii) on a day other than the first day of the first income year of the head company starting after 1 July 2003.

(2) In determining whether a choice under subsection 701-5(1) of the Income Tax (Transitional Provisions) Act 1997 in relation to the group can be revoked, treat the reference in paragraph 701-5(4)(a) of that Act to 31 December 2005 as instead being a reference to the day that is 6 months after the commencement of this item.