Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:24_5:p1
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 24 cl 5 (pt 1/3)
Character Range: 305002–307837

5  Section 45‑705 in Schedule 1
Repeal the section, substitute:

45‑705  Application of Subdivision to head company

Period during which Subdivision applies to head company

 (1) Subject to sections 45‑880 and 45‑885, this Subdivision applies to a company as the *head company of a *consolidated group during the period:
 (a) starting at the start of the *instalment quarter of the company determined under subsection (2), (3) or (4); and
 (b) ending:
 (i) at the end of the instalment quarter of the company determined under paragraph (5)(a) or (b); or
 (ii) just before the instalment quarter of the company determined under paragraph (5)(c) or (d).

When the period begins—initial head company instalment rate

 (2) This Subdivision starts to apply to a company as the *head company of a *consolidated group at the start of an *instalment quarter under this subsection if, during that quarter, the Commissioner gives the company (as that head company) the *initial head company instalment rate.

Note: The operation of this subsection may be affected by section 45‑885.

When the period begins—group created from MEC group

 (3) This Subdivision starts to apply to a company as the *head company of a *consolidated group at the start of an *instalment quarter (the starting quarter) under this subsection if all of the following conditions are satisfied:
 (a) the consolidated group is *created from a *MEC group during the starting quarter;
 (b) the company is the head company of the consolidated group when the consolidated group is created from the MEC group;
 (c) either of the following applies:
 (i) this Subdivision applied, in accordance with Subdivision 45‑S, to the *provisional head company of the MEC group at the end of the previous instalment quarter;
 (ii) the Commissioner gives the *initial head company instalment rate to the provisional head company of the MEC group during the starting quarter.

Note: For the application of this Subdivision to a provisional head company of a MEC group: see section 45‑915.

When the period begins—new head company

 (4) This Subdivision starts to apply to a company as the *head company of a *consolidated group at the start of an *instalment quarter (the starting quarter) under this subsection if all of the following conditions are satisfied:
 (a) the company is an interposed company mentioned in subsection 124‑380(5) of the Income Tax Assessment Act 1997;
 (b) the company chooses under that subsection that the consolidated group is to continue in existence at and after the completion time mentioned in that subsection;
 (c) the completion time occurs during the starting quarter;
 (d) one of the following subparagraphs applies:
 (i) this Subdivision applied to the original company mentioned in that subsection (as the head company of the consolidated group) at