Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p4
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 4/6)
Character Range: 5829796–5832415

that are *related schemes in relation to a scheme under which a preference share is issued.
 (7) If subsection (5) has covered a *share, but would (apart from this subsection) stop covering the share from a particular time, then for a period of 180 days after that time the subsection is taken to continue to cover the share.

703‑40  Treating entities held through non‑fixed trusts as wholly‑owned subsidiaries
 (1) This section operates to ensure that an entity (the test entity) is not prevented from being a *subsidiary member of a *consolidated group or *consolidatable group just because there is a trust that is not a *fixed trust interposed between the test entity and the *head company of the group.
 (2) This Part (except Division 719) operates as if the test entity were a *wholly‑owned subsidiary of the *head company if the test entity would have been a wholly‑owned subsidiary of the head company had the interposed trust been a *fixed trust and all its objects been beneficiaries.

703‑45  Subsidiary members or nominees interposed between the head company and a subsidiary member of a consolidated group or a consolidatable group
 (1) This section describes, for the purposes of item 2, column 4 of the table in subsection 703‑15(2), a set of requirements that must be met for an entity (the test entity) to be a *subsidiary member of a *consolidated group or a *consolidatable group at a particular time (the test time).
 (2) At the test time, each of the interposed entities must either:
 (a) be a *subsidiary member of the group; or
 (b) hold *membership interests in:
 (i) the test entity; or
 (ii) a subsidiary member of the group interposed between the *head company of the group and the test entity;
  only as a nominee of one or more entities each of which is a *member of the group.

Choice to consolidate a consolidatable group

703‑50  Choice to consolidate a consolidatable group
 (1) A company may make a choice in writing 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.
Note: The head company of the group must give the Commissioner a notice in the approved form containing information about the group (see sections 703‑58 and 703‑60).

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).
 (3) The choice can be made no later than:
 (a) if the company is required to give the Commissioner its *income tax return for the income