Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:24_7:p2
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 24 cl 7 (pt 2/2)
Character Range: 314118–316170

this Schedule (effects of a change of *provisional head company of a MEC group for the purposes of this Part); or
 (h) one or more previous applications of any of the provisions covered by paragraphs (a) to (g).

 (5) In addition, and without affecting subsection (3):
 (a) an assessment of the original company for an income year that ends before the income year that includes the completion time; or
 (b) an amendment of the assessment;
is taken to be something that had happened to the interposed company, whether or not the assessment or amendment is made before the completion time.

 (6) This section has effect for the purposes of applying this Part to *members of the *consolidated group in relation to an *instalment quarter of the interposed company that ends after the completion time.

Note: An assessment mentioned in subsection (5) may therefore be taken to be the base assessment of the interposed company for the purposes of this Part.

 (7) Subsections (1) to (6) are to be disregarded in applying section 45‑705 (about the application of this Subdivision to a company as the *head company of a *consolidated group).

Note: For example, if the Commissioner has given an initial head company instalment rate to the original company during an earlier instalment quarter, the rate is not, despite this section, treated as if it had been given to the interposed company for the purposes of section 45‑705. Subject to the other provisions in that section, this Subdivision therefore starts applying to the interposed company under subsection 45‑705(4).

Special rule for the original company

 (8) A provision of this Part that applies on an entity becoming a *subsidiary member of a *consolidated group does not apply to the original company when it is taken to have become such a member at the completion time as a result of section 703‑70 of the Income Tax Assessment Act 1997.

Note: Section 45‑755 (the entry rule) therefore does not apply to the original company on the company becoming a subsidiary member of the consolidated group.