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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS    View history reference

Division 703 - Consolidated groups and their members    View history reference

Basic concepts  

SECTION 703-5  What is a consolidated group?  

 View history reference

703-5(1)  

A consolidated group comes into existence:


(a) on the day specified in a choice by a company under section 703-50 as the day on and after which a *consolidatable group is taken to be consolidated; or


(b) as described in section 703-55 (about creating a consolidated group from a *MEC group).

Note:

The day specified in a choice under section 703-50 as the day on and after which a consolidatable group is taken to be consolidated may be a day before the choice is made.

703-5(2)  

The consolidated group continues to exist until the *head company of the group:


(a) ceases to be a head company; or


(b) becomes a member of a *MEC group.

The consolidated group ceases to exist when one of those events happens to the head company.

Note:

The group does not cease to exist in some cases where a shelf company is interposed between the head company and its former members: see subsection 615-30(2) and section 703-70.

703-5(3)  

At any time while it is in existence, the consolidated group consists of the *head company and all of the *subsidiary members (if any) of the group at the time.

Note:

A consolidated group continues to exist despite one or more entities ceasing to be subsidiary members of the group or becoming subsidiaries of the group, as long as the events described in subsection (2) do not happen to the head company. Thus a consolidated group may come to consist of a head company alone at various times.


 



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