Document ID: chunk:federal_register_of_legislation:C2010C00605:clause:13_3:p3
Version: federal_register_of_legislation:C2010C00605
Segment Type: clause
Provision Reference: sch 13 cl 3 (pt 3/3)
Character Range: 187380–188623

Subdivision 820‑FB allows the head company of a consolidated group or MEC group, or a single Australian company that cannot form such a group, to choose to treat as part of itself certain Australian permanent establishments of a foreign bank.

 Section 820‑603 then treats an Australian permanent establishment covered by the choice as an entity, and as a member of a consolidated group or MEC group, for the purposes of this Division. This means that the Australian permanent establishment in effect becomes a member of a consolidated group or MEC group, which then triggers the operation of item 1 or 2 in the table in subsection 820‑455(1).

 (2) If:
 (a) the *top entity makes the choice referred to in section 820‑455; and
 (b) a *foreign bank makes a choice under paragraph 820‑515(c) (that does not contravene subsection (1) of this section);
sections 820‑456 and 820‑457 apply (and are taken always to have applied) as if the potential group members included each *Australian permanent establishment included in the *resident TC group because of the choice under paragraph 820‑515(c).

Note: This subsection will only change the effect of this section in a situation of the kind described in the note to subsection (1) of this section.