Document ID: chunk:federal_register_of_legislation:C2011C00698:clause:5_140
Version: federal_register_of_legislation:C2011C00698
Segment Type: clause
Provision Reference: sch 5 cl 140
Character Range: 119722–120597

140  Transitional provision—revocation of choice for transitional entities

(1) This item applies in relation to a consolidated group or MEC group if:
 (a) the head company of the group makes a choice in accordance with subitems (2) and (3) of the previous item; and
 (b) the group came into existence:
 (i) on or after 1 July 2003; and
 (ii) on a day other than the first day of the first income year of the head company starting after 1 July 2003.

(2) In determining whether a choice under subsection 701‑5(1) of the Income Tax (Transitional Provisions) Act 1997 in relation to the group can be revoked, treat the reference in paragraph 701‑5(4)(a) of that Act to 31 December 2005 as instead being a reference to the day that is 6 months after the commencement of this item.

Part 16—Loss multiplication rules for widely held companies

Income Tax Assessment Act 1997