45-855
CurrentSection 701‑1 disregarded for certain purposes
Volume 2Schedule 1, Chapter 2, Part 2-10 to Chapter 4, Part 4-25 (sections 45-1 to 298-110)
Schedule 1Collection and recovery of income tax and other liabilities
Chapter 2Collection, recovery and administration of income tax
Part 2-10Pay as you go (PAYG) instalments
Division 45Instalment payments
Subdivision 45-RSpecial rules for consolidated groups
45-855 Section 701‑1 disregarded for certain purposes
If:
(a)
an amount is required to be worked out for the purpose of determining the *instalment income of an entity that is a *member of a *consolidated group for a period that is all or a part of a *consolidation transitional year for the entity; and
(b)
the period ends before Subdivision 45‑Q starts to apply, because of subsection 45‑705(2) or subparagraph 45‑705(3)(c)(ii), (4)(d)(ii) or (iv), to the *head company of the group;
that amount must be worked out without regard to any application of section 701‑1 of the Income Tax Assessment Act 1997 to the entity in relation to the period.
This Act’s bill:Second reading speech
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