Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The object of this section is to specify certain entities that cannot be * members of a * consolidated group because of the way their income is treated for income tax purposes.
(2) An entity of a kind specified in an item of the table cannot be a * member of a * consolidated group or a * consolidatable group at a time in an income year if the conditions specified in the item exist:
|
Certain entities that cannot be members of a consolidated or consolidatable group | ||
| Item | An entity of this kind: | Cannot be a member of a consolidated group or consolidatable group if: |
| 1 | An entity of any kind | At the time, the total * ordinary income and * statutory income of the entity is exempt from income tax under Division 50 |
| 2 | A company | The company is a recognised medium credit union (as defined in section 6H of the Income Tax Assessment Act 1936 ) for the income year |
| 3 | A company | The company: (a) is an approved credit union for the income year for the purposes of section 23G of the Income Tax Assessment Act 1936 ; and (b) is not a recognised medium credit union (as defined in section 6H of that Act) or a recognised large credit union (as defined in that section) for the income year |
| 4 | A company | Assuming the company applied at the time an amount of its assessable income as described in paragraph 120(1)(c) of the Income Tax Assessment Act 1936 , the company could deduct that amount because of that paragraph |
| 5 | A company | The company is a * PDF at the end of the income year |
| 6 | A company | The company is a * film licensed investment company at the time |
| 7 | A trust | The trust is: (a) a * complying superannuation entity for the income year; or (b) a non‑complying ADF or non‑complying superannuation fund (as those terms are defined in section 267 of the Income Tax Assessment Act 1936 ) for the income year |