Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:5_58u
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 5 cl 58U
Character Range: 106396–107978

58U  Effect of change of head company or provisional head company of a MEC group
 (1) For the purposes referred to in subsection 58P(2) in relation to a year of tax:
 (a) if:
 (i) a company (the old head company) is the head company of a *MEC group at the end of an income year (within the meaning of the Income Tax Assessment Act 1997); and
 (ii) a different company (the new head company) is the head company of the group at the start of the next income year (the transition time); or
 (b) if:
 (i) a company (also the old head company) is the *provisional head company of a *MEC group just before a cessation event (within the meaning of that Act) happens to the company; and
 (ii) a different company (also the new head company) is the provisional head company of the group just after that cessation event (also the transition time);
everything that happened in relation to the old head company before the transition time is taken to have happened in relation to the new head company instead, as if the new head company had been the old head company at all times before the transition time.
Note 1: This section treats the new head company as having in effect assumed the identity of the old head company throughout the period before the transition time, but without affecting any of the other attributes of the old head company.
Note 2: A further result is that the old head company is taken to have become a subsidiary member of the group at the transition time.
 (2) However, this section does not apply in relation to a year of tax ending on or before the transition time.