Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p5
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 5/6)
Character Range: 5832201–5834770

of the day cannot be amended, after the choice is made under subsection (1).
 (3) The choice can be made no later than:
 (a) if the company is required to give the Commissioner its *income tax return for the income year during which the specified day mentioned in subsection (1) occurs—the day on which the company gives the Commissioner that income tax return; or
 (b) otherwise—the last day in the period within which the company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return.

Choice has no effect after consolidated group ceases to exist
 (4) The choice does not have effect after the *consolidated group that came into existence because of the choice ceases to exist. To avoid doubt, this subsection does not prevent the choice from:
 (a) being made by the company at a time when it is not a head company; or
 (b) having effect in relation to a time before the consolidated group ceased to exist, even if that time is before the choice is made.

Choice does not have effect if company is a member of a MEC group
 (7) The choice does not have effect (and is taken not to have had effect) if, on the day specified, the company was a member of a *MEC group.

Consolidated group created when MEC group ceases to exist

703‑55  Creating consolidated groups from certain MEC groups
 (1) A *consolidated group comes into existence at the time a *MEC group ceases to exist if:
 (a) the MEC group included only one *eligible tier‑1 company just before the time; and
 (b) the MEC group ceases to exist only because the company ceases to be an eligible tier‑1 company; and
 (c) the company is a *head company as defined in section 703‑15 at the time.
 (2) To avoid doubt, the *consolidated group consists at the time of:
 (a) the company (as the *head company of the consolidated group); and
 (b) every entity (if any) that was a *subsidiary member of the *MEC group just before that time (as a subsidiary member of the consolidated group).

Notice of events affecting consolidated group

703‑58  Notice of choice to consolidate
 (1) If a *consolidated group comes into existence on the day specified in a choice under section 703‑50, the *head company of the group must give the Commissioner a notice in the *approved form containing the following information:
 (a) the identity of the head company;
 (b) the day specified in the choice on which the *consolidatable group is taken to be consolidated;
 (c) the identity of each *subsidiary member of the group on that day;
 (d) the identity of each entity