Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:5_58n
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 5 cl 58N
Character Range: 99581–100611

58N  Choice to consolidate
 (1) A head company of a consolidated group or a MEC group or a provisional head company of a MEC group may, in writing, choose to apply this Division in relation to the group.
 (2) However, subsection (1) does not apply if a notice has not been given to the Commissioner under section 703‑58 or 719‑76 of the Income Tax Assessment Act 1997 in relation to the group.
 (3) The choice is not valid unless it is in the approved form, and the head company or the provisional head company gives it to the Commissioner:
 (a) within 21 days after making the choice; or
 (b) within such further period as the Commissioner allows.
 (4) The choice is irrevocable, and:
 (a) has effect on and after the day the choice is made; and
 (b) does not have effect after the consolidated group or MEC group ceases to exist.
Note:  The head company's interests in petroleum projects just before a consolidated group or MEC group ceases to exist would be transferred at the time the group ceases to exist: see section 58R.