INCOME TAX ASSESSMENT ACT 1997 - SECT 703.55 Creating consolidated groups from certain MEC groups
INCOME TAX ASSESSMENT ACT 1997 - SECT 703.55
Creating consolidated groups from certain MEC groups(1) A * consolidated group comes into existence at the time a * MEC group ceases to exist if:
(a) the MEC group included only one * eligible tier - 1 company just before the time; and
(b) the MEC group ceases to exist only because the company ceases to be an eligible tier - 1 company; and
(c) the company is a * head company as defined in section 703 - 15 at the time.
(2) To avoid doubt, the * consolidated group consists at the time of:
(a) the company (as the * head company of the consolidated group); and
(b) every entity (if any) that was a * subsidiary member of the
* MEC group just before that time (as a subsidiary member of the consolidated
group).