Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - 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).