Document ID: chunk:federal_register_of_legislation:C2004A00897:clause:1_3:p4
Version: federal_register_of_legislation:C2004A00897
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 4/26)
Character Range: 108705–111183

(b) covering the entities of which the group consisted at that time.

Note: This subsection does not depend on whether such a set of consolidated accounts was prepared, or had to be prepared, for other purposes.

 (2) To avoid doubt, subsection (1) also applies to working out the value or amount, as at a particular time, of a matter mentioned in any of sections 820‑550 to 820‑575 (for example, an entity's tier 1 capital (within the meaning of the *prudential standards) or *paid‑up share capital).

How to construct a resident TC group for an income year

820‑500  Choice to be made by top entity of a maximum TC group

 (1) The *top entity of a *maximum TC group for an income year may make one only of the 3 choices set out in sections 820‑505, 820‑510 and 820‑520.

 (2) If there are 2 or more *top entities of the maximum TC group, only one of them can make the choice.

 (3) A maximum TC group for an income year consists of:
 (a) a company that, at the end of that income year, is a *100% subsidiary of no other company; and
 (b) each 100% subsidiary of that company at the end of that income year.

 (4) A top entity of a *maximum TC group for an income year is a company in the group of which each company in the group (other than that company) that, at the end of that income year:
 (a) is an *Australian entity; and
 (b) is not a *prescribed dual resident;
is a *100% subsidiary.

820‑505  Single group

 (1) The first choice can be made only if the income year ends on the same day for all companies (eligible companies) in the *maximum TC group that meet the conditions in subsection (3) at the end of the income year.

Note: If this condition is not met, those eligible companies for which the income year does end on the same day may be able to form one or more resident TC groups under section 820‑510.

 (2) The choice is to treat as a single resident TC group for the income year:
 (a) all the eligible companies; and
 (b) each partnership and trust that section 820‑515 includes in the resident TC group; and
 (c) each *Australian permanent establishment of a *foreign bank that section 820‑515 includes in the resident TC group.

 (3) The conditions for each company are that it:
 (a) is an *Australian entity; and
 (b) is not a *prescribed dual resident.

820‑510  Multiple groups

 (1) The second choice is to treat the eligible companies referred to in section 820‑505 as forming one or more resident TC groups for the income year, on the basis that