s 701D-15
In forceChoice to apply transitional rules to entity
Chapter 3Specialist liability rules
Part 3-90Consolidated groups
Division 701DTransitional foreign loss makers
Subdivision 701D-BRules allowing transitional foreign loss makers to remain outside consolidated group
701D-15 Choice to apply transitional rules to entity
(1)
The head company of a consolidated group may make a choice in the approved form to apply section 701D‑10 to another entity.
(2)
However, the head company cannot make that choice if subsection 701D‑10(1) previously prevented the entity from being a subsidiary member of a consolidated group.
(3)
The choice must be made by the later of:
(a)
the day on which the head company must give the notice under section 703‑58 of the Income Tax Assessment Act 1997 (notice of choice to consolidate); and
(b)
30 days after the Taxation Laws Amendment Act (No. 1) 2004 received the Royal Assent.
(4)
The choice cannot be revoked.
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