Document ID: chunk:federal_register_of_legislation:C2010C00690:clause:1_3:p1
Version: federal_register_of_legislation:C2010C00690
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 1/9)
Character Range: 65410–68162

3                 A *consolidated group ceases to exist                                 The company that was the *head company of the group, or the person who was its public officer just before it ceased to exist if it ceases to be the head company of the group because it ceases to exist

 (2) Despite subsection (1), if:
 (a) an event described in subsection (1) happens in relation to a *consolidated group that comes into existence on the day specified in a choice under section 703‑50; and
 (b) the event happens more than 28 days before the choice is made;
the company that makes the choice must give the Commissioner notice in the *approved form of the event at the same time as the choice is made.

 (3) Despite subsection (1), if:
 (a) an event described in subsection (1) happens in relation to a *consolidated group that comes into existence at a time under subsection 703‑55(1) because a *MEC group ceased to exist at that time; and
 (b) the *MEC group came into existence under paragraph 719‑5(1)(a) because a notice of choice under section 719‑50 is given after that time; and
 (c) the event happens more than 28 days before the notice of choice is given;
the *head company of the consolidated group must give the Commissioner notice in the *approved form of the event at the same time as the notice of choice is given.

[The next Division is Division 705.]

Division 705—Tax cost setting amount for assets where entities become subsidiary members of consolidated groups

Guide to Division 705

705‑1  What this Division is about

      When an entity becomes a subsidiary member of a consolidated group, the tax cost of its assets is set at a tax cost setting amount that is worked out in accordance with this Division.

Table of Subdivisions

705‑A Basic case: a single entity joining an existing consolidated group

Subdivision 705‑A—Basic case: a single entity joining an existing consolidated group

Guide to Subdivision 705‑A

705‑5  What this Subdivision is about

      When an entity becomes a subsidiary member of an existing consolidated group, the tax cost setting amount for its assets reflects the cost to the group of acquiring the entity.

Table of sections

Application and object

705‑10 Application and object of this Subdivision
705‑15 Cases where this Subdivision does not have effect

Tax cost setting amount for assets that joining entity brings into joined group

705‑20 Tax cost setting amount worked out under this Subdivision
705‑25 Tax cost setting amount for retained cost base assets
705‑30 What is the joining entity's terminating value for an asset?
705‑35 Tax cost setting amount for reset cost base assets
705‑40 Reduction in tax cost setting amount for revenue assets
705‑45 Reduction in tax