Document ID: chunk:federal_register_of_legislation:C2010C00605:clause:13_3:p3
Version: federal_register_of_legislation:C2010C00605
Segment Type: clause
Provision Reference: sch 13 cl 3 (pt 3/9)
Character Range: 205366–208030

after 1 July 2002; and
 (b) the period was all or part of an income year of the *head company; and
 (c) the *consolidated group or *MEC group was in existence throughout the period; and
 (d) throughout the period:
 (i) the head company and the *foreign bank were members of the same *wholly‑owned group; and
 (ii) the foreign bank carried on its banking business in Australia through at least one *Australian permanent establishment.
(It does not matter whether or not the income year ends on the same day for the head company and the foreign bank.)

 (3) The *head company cannot choose under subsection (1) a period that is part of a longer period for which the conditions in subsection (2) are satisfied.

820‑599  Choice by single Australian resident company that is not part of a consolidatable group or potential MEC group

 (1) A company (the single company) may choose to have treated as part of itself, for the purposes of this Division, each *Australian permanent establishment through which a *foreign bank carried on its banking business in Australia from time to time during a period (also the grouping period) for which the conditions in subsection (2) are satisfied.

 (2) The conditions are:
 (a) the period began on or after 1 July 2002; and
 (b) the period was all or part of an income year of the single company; and
 (c) throughout the period, the single company:
 (i) was an *Australian entity; and
 (ii) was not a *prescribed dual resident; and
 (iii) was not a *member of a *consolidatable group; and
 (iv) was not a member of a *potential MEC group; and
 (d) throughout the period:
 (i) the single company and the foreign bank were members of the same *wholly‑owned group; and
 (ii) the foreign bank carried on its banking business in Australia through at least one Australian permanent establishment.
(It does not matter whether or not the income year ends on the same day for the single company and the foreign bank.)

 (3) The single company cannot choose under subsection (1) a period that is part of a longer period for which the conditions in subsection (2) are satisfied.

Effect of choice

820‑601  Application

  Sections 820‑603 to 820‑617 apply if a choice is made under section 820‑597 or 820‑599.

820‑603  General

 (1) The choice cannot be revoked in relation to the grouping period. It binds the *head company or the single company, as appropriate, and the *foreign bank.

 (2) The rest of this section applies:
 (a) to each *Australian permanent establishment through which the *foreign bank carried on its banking business in Australia at any time during the grouping period; and
 (b) in relation to each time (the test