Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p8
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 8/10)
Character Range: 5810145–5813160

asset's *effective life with the rate that would apply under subsection 42‑160(1) or 42‑165(1) of this Act if it had not been amended by the New Business Tax System (Capital Allowances) Act 2001.

701‑85  Other exceptions etc. to the rules
  The operation of each provision of this Division is subject to any provision of this Act that so requires, either expressly or impliedly.
Note: An example of such a provision is Division 707 (about the transfer of certain losses to the head company of a consolidated group). That Division modifies the effect that the inheritance of history rule in section 701‑5 would otherwise have.

Division 703—Consolidated groups and their members

Guide to Division 703

703‑1  What this Division is about
      A consolidated group and a consolidatable group each consists of a head company and all the companies, trusts and partnerships that:

                (a) are resident in Australia; and
                (b) are wholly‑owned subsidiaries of the head company (either directly or through other companies, trusts and partnerships).
      A consolidatable group becomes consolidated at a time chosen by the company that was the head company at the time.

Table of sections

Basic concepts
703‑5 What is a consolidated group?
703‑10 What is a consolidatable group?
703‑15 Members of a consolidated group or consolidatable group
703‑20 Certain entities that cannot be members of a consolidated group or consolidatable group
703‑25 Australian residence requirements for trusts
703‑30 When is one entity a wholly‑owned subsidiary of another?
703‑33 Transfer time for sale of shares in company
703‑35 Treating entities as wholly‑owned subsidiaries by disregarding employee shares
703‑37 Disregarding certain preference shares following an ADI restructure
703‑40 Treating entities held through non‑fixed trusts as wholly‑owned subsidiaries
703‑45 Subsidiary members or nominees interposed between the head company and a subsidiary member of a consolidated group or a consolidatable group

Choice to consolidate a consolidatable group
703‑50 Choice to consolidate a consolidatable group

Consolidated group created when MEC group ceases to exist
703‑55 Creating consolidated groups from certain MEC groups

Notice of events affecting consolidated group
703‑58 Notice of choice to consolidate
703‑60 Notice of events affecting consolidated group

Effects of choice to continue group after shelf company becomes new head company
703‑65 Application
703‑70 Consolidated group continues in existence with interposed company as head company and original entity as a subsidiary member
703‑75 Interposed company treated as substituted for original entity at all times before the completion time
703‑80 Effects on the original entity's tax position

Basic concepts

703‑5  What is a consolidated group?
 (1) A consolidated group comes into existence:
 (a) on the day specified in a choice by a company under section 703‑50 as the day on and after which a *consolidatable group is taken to be