Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The * consolidated group is taken not to have ceased to exist under subsection 703 - 5(2) because the company referred to in subsection 615 - 30(2) as the original entity ceases to be the * head company of the group.
(2) To avoid doubt, the interposed company is taken to have become the * head company of the * consolidated group at the completion time, and the original entity is taken to have ceased to be the head company at that time.
Note: A further result is that the original entity is taken to have become a subsidiary member of the group at that time. Section 703 - 80 deals with the original entity's tax position for the income year that includes the completion time.
(3) A provision of this Part that applies on an entity becoming a * subsidiary member of a * consolidated group does not apply to an entity being taken to have become such a member as a result of this section, unless the provision is expressed to apply despite this subsection.
Note: An example of the effect of this subsection is that there is no resetting under section 701 - 10 of the tax cost of assets of the original entity that become assets of the interposed company because of subsection 701 - 1(1) (the single entity rule).
(4) To avoid doubt, subsection (3) does not affect the
application of subsection 701 - 1(1) (the single entity rule).