Document ID: chunk:federal_register_of_legislation:C2011C00698:clause:5_183:p1
Version: federal_register_of_legislation:C2011C00698
Segment Type: clause
Provision Reference: sch 5 cl 183 (pt 1/3)
Character Range: 142050–144602

183  Before section 719‑80 (after the group heading)
Insert:

719‑76  Notice of choice to consolidate

 (1) This section applies if:
 (a) a *MEC group comes into existence on the day specified in a choice under section 719‑50; and
 (b) subsection 719‑75(1), (2) or (3) would apply to the MEC group in relation to the *income year of a company in which the specified day occurred; and
 (c) in a case where subsection 719‑75(1) or (2) applies—the company will be the *head company of the group as at the end of the income year; and
 (d) in a case where subsection 719‑75(3) applies—the company will be the head company of the group immediately before the group ceased to exist.

 (2) The company must give the Commissioner a notice in the *approved form containing the following information:
 (a) the identity of the company;
 (b) the day specified in the choice on which the *MEC group comes into existence;
 (c) the identity of each *eligible tier‑1 company of the *top company in relation to the MEC group on that day;
 (d) the identity of each *subsidiary member of the group on that day;
 (e) the identity of each entity that was a subsidiary member of the group on that day but was not such a subsidiary member when the notice is given;
 (f) the identity of each entity that was not a subsidiary member of the group on that day but was such a subsidiary member when the notice is given;
 (g) the identity of each entity that became a subsidiary member of the group after that day but was not such a subsidiary member when the notice is given.

 (3) The notice must be given no later than:
 (a) if the company is required to give the Commissioner its *income tax return for the income year during which that day occurs—the day on which the company gives the Commissioner that income tax return; or
 (b) otherwise—the last day in the period within which the company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return.

719‑77  Notice in relation to new eligible tier‑1 members etc.

 (1) This section applies if:
 (a) a *MEC group consists of the members of a *potential MEC group derived from one or more *eligible tier‑1 companies of a *top company; and
 (b) one or more other companies become eligible tier‑1 companies of the top company at a time because of a choice under subsection 719‑5(4).

 (2) The *head company of the *MEC group must give the Commissioner a notice in the *approved form containing the following information:
 (a) the identity of the head company;
 (b) the