Document ID: chunk:federal_register_of_legislation:C2024C00818:section:58j:p2
Version: federal_register_of_legislation:C2024C00818
Segment Type: section
Provision Reference: s 58J (pt 2/4)
Character Range: 206675–209273

group—deemed election under paragraph (1)(c) etc.
 (6) If:
 (a) a person has made an election under paragraph (1)(c) in relation to a financial year; and
 (b) at the time when the person made the election, the person was the head company of a designated company group; and
 (c) immediately before the end of the financial year, the person is the head company of a designated company group (the current designated company group);
then:
 (d) each other company that was in the current designated company group immediately before the end of the financial year is taken to have made an election under paragraph (1)(c) in relation to the financial year; and
 (e) an election covered by paragraph (d):
 (i) is taken to have been in effect for the financial year; and
 (ii) supersedes any previous election made by the other company that was in effect for the financial year.
 (7) If:
 (a) a person has made an election under paragraph (1)(c); and
 (b) at the time when the person made the election, the person was the head company of a designated company group; and
 (c) the election is in effect for a financial year; and
 (d) during the financial year, the person ceased to be the head company of the designated company group; and
 (e) immediately before the end of the financial year, another company is the head company of the designated company group;
then:
 (f) the company covered by paragraph (e) of this subsection is taken to have made an election under paragraph (1)(c); and
 (g) an election covered by paragraph (f) of this subsection:
 (i) is taken to have been in effect for the financial year; and
 (ii) supersedes any previous election made by the company that was in effect for the financial year; and
 (h) each other company that was in the designated company group immediately before the end of the financial year is taken to have made an election under paragraph (1)(c); and
 (i) an election covered by paragraph (h) of this subsection:
 (i) is taken to have been in effect for the financial year; and
 (ii) supersedes any previous election made by the other company that was in effect for the financial year.
 (8) If:
 (a) immediately before the end of a financial year, a person is the head company of a designated company group; and
 (b) the person is not taken, under subsection (7), to have made an election under paragraph (1)(c) that is in effect for the financial year; and
 (c) the person has not made an election under paragraph (1)(c) that:
 (i) relates to the financial year; and
 (ii) under subsection (6), results in each other company that was in the designated company