Document ID: chunk:federal_register_of_legislation:C2010C00605:clause:13_2
Version: federal_register_of_legislation:C2010C00605
Segment Type: clause
Provision Reference: sch 13 cl 2
Character Range: 180617–181792

2  Before section 820‑460
Insert in the operative provisions:

820‑455  Removal of grouping under this Subdivision

 (1) This section and sections 820‑456 to 820‑458 affect the making, by the *top entity of a *maximum TC group for an income year, of a choice under section 820‑500 for the income year if:
 (a) the choice would result in entities (the potential group members) for which the income year ends on the same day being treated as a *resident TC group for the income year; and
 (b) the income year includes, or starts after, the day (the cut‑off day) worked out under the table.

Note: If the top entity can and does make the choice, subsection 820‑458(1) affects a foreign bank's ability to choose under paragraph 820‑515(c) to include its Australian permanent establishments in the resident TC group.

Cut‑off day for thin capitalisation grouping
Item                                          In this case:                                                                                                                                                                                                                                             The cut‑off day is: