Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 715.675

  (1)   This section has effect, despite section   715 - 670, if:

  (a)   an entity that becomes a * member of a * consolidated group had a choice (however described) in effect under a provision (the choice provision ) listed in that section before becoming a member of the group; and

  (b)   the time at which the entity becomes a member of the group is the first time at which an entity that had a choice (however described) in effect under the choice provision before becoming a member of the group became a member of the group; and

  (c)   the * head company of the group chooses in writing, before:

  (i)   the end of 90 days after the Commissioner is given notice under Division   703 that the entity has become a member of the group; or

  (ii)   a later time allowed by the Commissioner;

    to be treated as if the head company had made a choice under the choice provision.

  (2)   The * head company is taken to have made a choice under the choice provision for these purposes:

  (a)   the head company core purposes set out in section   701 - 1 (Single entity rule);

  (b)   the purposes of the application of section   715 - 670 and paragraph   (1)(a) in relation to another * consolidated group of which the company later becomes a * subsidiary member.

Table of sections

Choices leaving entity can make ignoring exit history rule

715 - 700   Choices leaving entity can make ignoring exit history rule

Choices leaving entity can make ignoring exit history rule to overcome inconsistencies

715 - 705   Choices leaving entity can make ignoring exit history rule to overcome inconsistencies