Document ID: chunk:federal_register_of_legislation:C2010C00690:clause:1_3:p4
Version: federal_register_of_legislation:C2010C00690
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 4/5)
Character Range: 60287–62935

interposed—test entity is a trust or partnership

 (4) Another set of circumstances is that:
 (a) the test entity is a trust or partnership; and
 (b) one or more of the interposed entities are companies that are *subsidiary members of the group because the circumstances in subsection (3) exist; and
 (c) the test entity would be a subsidiary member of the group if the *head company beneficially owned all the *membership interests beneficially owned by each company described in paragraph (b).

Choice to consolidate a consolidatable group

703‑50  Choice to consolidate a consolidatable group

 (1) A company may make a choice in the *approved form given to the Commissioner within the period described in subsection (3) that a *consolidatable group is taken to be consolidated on and after a day that is specified in the choice and is after 30 June 2002, if the company was the *head company of the group on the day specified.

Choice is irrevocable

 (2) The choice cannot be revoked, and the specification of the day cannot be amended, after the choice is made under subsection (1).

Period for giving choice to Commissioner

 (3) The period for giving the choice to the Commissioner:
 (a) starts at the start of the day specified in the choice; and
 (b) ends at the end of:
 (i) the day on which the company gives the Commissioner its *income tax return for the first income year ending after the day specified in the choice; or
 (ii) the last day in the period within which the company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return.

Choice has no effect after consolidated group ceases to exist

 (4) The choice does not have effect after the *consolidated group that came into existence because of the choice ceases to exist. To avoid doubt, this subsection does not prevent the choice from:
 (a) being made by the company at a time when it is not a head company; or
 (b) having effect in relation to a time before the consolidated group ceased to exist, even if that time is before the choice is made.

Choice does not have effect if it contains wrong information

 (5) The choice does not have effect (and is taken not to have had effect) if the Commissioner is satisfied that the choice contains information that is incorrect in a material particular.

Commissioner may give effect to choice despite wrong information

 (6) Subsection (5) does not prevent the choice from having effect (and being taken to have had effect) if the Commissioner gives the company written notice that the choice has effect despite the incorrect information.

Note: Subsection (6)