Document ID: chunk:federal_register_of_legislation:C2020A00049:clause:1_14
Version: federal_register_of_legislation:C2020A00049
Segment Type: clause
Provision Reference: sch 1 cl 14
Character Range: 7875–9296

14  At the end of Subdivision 960‑U
Add:

960‑575  Meaning of notional listed company group
 (1) A notional listed company group is a group of entities that would be required to be consolidated for accounting purposes as a single group, on the assumption that an entity (the test entity) were a listed company (within the meaning of section 26BC of the Income Tax Assessment Act 1936).
 (2) Each entity in that group is a member of the *notional listed company group.
 (3) For the purposes of subsection (1), determine whether a group of entities would be required to be consolidated for accounting purposes as a single group according to:
 (a) *accounting principles; or
 (b) if accounting principles do not apply in relation to the test entity—commercially accepted principles related to accounting.
 (4) In applying the *accounting principles or commercially accepted principles referred to in subsection (3):
 (a) disregard any exceptions in those principles to requirements in those principles for entities to be consolidated as a single group; and
 (b) without limiting paragraph (a), disregard any rule in those principles providing that one or more entities (the excepted entities) are not required to be consolidated as a single group with one or more other entities because the effect of such consolidation would be immaterial as a result of:
 (i) the size of the excepted entities; or
 (ii) any other matter.