Document ID: chunk:federal_register_of_legislation:C2004A00897:clause:1_3:p6
Version: federal_register_of_legislation:C2004A00897
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 6/26)
Character Range: 113260–115801

capital are beneficially owned at the end of the income year by one or more entities, each of which is a company in the group or is covered by paragraph (a); and
 (ii) for which the income year ends on the same day as for the companies in the group; and
 (c) for each *foreign bank:
 (i) that is in the *maximum TC group and chooses to include its *Australian permanent establishments in the resident TC group; and
 (ii) for which the income year ends on the same day as for the companies in the resident TC group;
  each Australian permanent establishment through which the foreign bank carries on its banking business in Australia.

820‑520  No grouping

  The third choice is to have this Division apply to each entity in the *maximum TC group without being affected by this Subdivision.

820‑525  Effect of choice

  A choice has effect accordingly, and cannot be revoked. It binds each entity in the *maximum TC group, and each entity in each *resident TC group (if any).

820‑530  Entities making up group before end of income year

 (1) A *resident TC group for an income year is treated as consisting, at a particular time (the test time) before the end of that income year, only of:
 (a) the companies in the group determined under subsection (2); and
 (b) each partnership in the group, all interests in whose income and capital are beneficially owned at the test time by one or more of those companies; and
 (c) each trust in the group, all interests in whose income and capital are beneficially owned at the test time by one or more entities, each of which is covered by paragraph (a) or (b) of this subsection; and
 (d) for each *foreign bank:
 (i) that is in the *maximum TC group; and
 (ii) that, at the test time, is a *100% subsidiary of the *top entity of the *maximum TC group or is that top entity;
  each *Australian permanent establishment that is in the resident TC group, and through which the foreign bank carries on its banking business in Australia at the test time.

Note: This section affects how Subdivision 820‑G (about calculating average values) applies to the group when there are 2 or more measurement days to consider.

 (2) The companies in the group determined under this subsection are:
 (a) in the case of a *resident TC group under section 820‑505—each company in the group that, at the test time:
 (i) is a *100% subsidiary of the *top entity of the *maximum TC group or is that top entity; and
 (ii) meets the conditions in subsection 820‑505(3); or
 (b) in the case of a resident TC group under