Commonwealth Consolidated Acts

NEW BUSINESS TAX SYSTEM (CONSOLIDATION) ACT (NO. 1) 2002 - SECT 703.55

             (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).

Notice of events affecting consolidated group

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