Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:24_18:p2
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 24 cl 18 (pt 2/4)
Character Range: 324254–326900

as a member of the new group during that period; and
 (b) not a reference to an application (because of subsection (2) of this section) of section 701‑1 of that Act to the company as the *head company of the preserved group during that period.

 (5) This subsection covers the period that starts from the start of the *instalment quarter of the company that includes the takeover time and ends at the earlier of the following times:
 (a) the end of the instalment quarter of the company during which the company ceases to be a member of the new group;
 (b) just before the instalment quarter of the company during which the Commissioner gives the *initial head company instalment rate to the *head company, or the *provisional head company, of the new group.

 (6) The Commissioner may, on the application of the company made not later than 28 days after the takeover time, allow such extension of time for the purposes of paragraph (1)(d) as he or she considers appropriate.

 (7) To avoid doubt, nothing in this section prevents the operation of section 45‑755 or 45‑760 to *members of the preserved group while it continues to exist under subsection (2).

45‑885  Early application of Subdivision 45‑Q to the head company of a new group

 (1) This section applies to a company for which all of the following conditions are satisfied in relation to a particular time (the starting time):
 (a) just before the starting time, the company was a *subsidiary member of a *consolidated group, or a member of a *MEC group;
 (b) just before the starting time, the consolidated group or MEC group was a mature group (see subsection (4));
 (c) at the starting time, either of the following applies:
 (i) the company ceases to be a subsidiary member of the consolidated group, or a member of the MEC group;
 (ii) the group ceases to exist (otherwise than because a MEC group or consolidated group is *created from the group, or because its *head company or *provisional head company becomes a *wholly‑owned subsidiary of a member of another mature group);
 (d) at the starting time, the company is the head company of another consolidated group;
 (e) within 28 days after the starting time, or within such further period (if any) as the Commissioner allows, the Commissioner receives the choice to consolidate, at and after the starting time, that other consolidated group under section 703‑50 of the Income Tax Assessment Act 1997.

 (2) For the purposes of this Part:
 (a) the instalment rate that the Commissioner is taken to have given to the company under paragraph 45‑760(2)(a) has effect as if it were the *initial head company instalment rate for