Document ID: chunk:federal_register_of_legislation:C2010C00603:clause:1_4:p1
Version: federal_register_of_legislation:C2010C00603
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 1/2)
Character Range: 51713–54452

4     A provision that:                                                                                                                Choice about a matter described in the regulations
      (a) provides for a choice (however described); and
      (b) is a provision of regulations made for the purposes of this Act, other than this item; and
      (c) is prescribed by regulations made for the purposes of this item

Note: Declarations, elections and selections made under the choice provision by the entity are all examples of choices under that provision (even though the provision does not call them choices), because the entity has chosen to make them.

Objects

 (2) The main objects of this section are:
 (a) to override section 701‑5 (Entry history rule) in relation to a choice (however described) by the entity under the choice provision or the absence of such a choice; and
 (b) to extend, in some cases, the time for the *head company of the *consolidated group to make a choice (however described) under the choice provision after the joining time; and
 (c) to modify, in some cases, the time at which such a choice by the head company starts to have effect.

Overriding the entry history rule

 (3) For the head company core purposes set out in section 701‑1 (Single entity rule), ignore a choice (however described) made by the entity under the choice provision or the absence of such a choice.

Extension of time for head company to make choice

 (4) If:
 (a) because of:
 (i) the fact that the entity became a *subsidiary member of the *consolidated group; and
 (ii) section 701‑1 (Single entity rule);
  the question whether the *head company of the group has made a choice (however described) under the choice provision becomes relevant for the head company core purposes set out in that section; and
 (b) there is a limit (outside this section) on the period within which the head company may make such a choice;
the head company has until the later of these times to make such a choice:
 (c) the last time the head company may make the choice (apart from this subsection);
 (d) the end of 90 days after the Commissioner is given notice under Division 703 that the entity has become a *member of the group or, if the Commissioner allows a later time for the purposes of this paragraph, that later time.

When head company's choice starts to have effect

 (5) If the *head company of the *consolidated group makes a choice (however described) under the choice provision as a result of becoming able to make the choice because the entity became a *subsidiary member of the group at the joining time, the choice starts to have effect:
 (a) at the joining time; or
 (b) if the choice relates (explicitly or implicitly)