Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 721.1

If the head company of a consolidated group fails to meet an income tax related liability by the time it becomes due and payable, entities that were subsidiary members of the group during the period to which the liability relates can also be responsible for all or part of the liability.

Table of sections

Object

721 - 5   Object of this Division

When this Division operates

721 - 10   When this Division operates

Joint and several liability of contributing member

721 - 15   Head company and contributing members jointly and severally liable to pay group liability

721 - 17   Notice of joint and several liability for general interest charge

721 - 20   Limit on liability where group first comes into existence

Tax sharing agreements

721 - 25   When a group liability is covered by a tax sharing agreement

721 - 30   TSA contributing members liable for contribution amounts

721 - 32   Notice of general interest charge liability under TSA

721 - 35   When a TSA contributing member has left the group clear of the group liability

721 - 40   TSA liability and group liability are linked