Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 960.575

Meaning of notional listed company group

  (1)   A notional listed company group is a group of entities that would be required to be consolidated for accounting purposes as a single group, on the assumption that an entity (the test entity ) were a listed company (within the meaning of section   26BC of the Income Tax Assessment Act 1936 ).

  (2)   Each entity in that group is a member of the * notional listed company group.

  (3)   For the purposes of subsection   (1), determine whether a group of entities would be required to be consolidated for accounting purposes as a single group according to:

  (a)   * accounting principles; or

  (b)   if accounting principles do not apply in relation to the test entity--commercially accepted principles related to accounting.

  (4)   In applying the * accounting principles or commercially accepted principles referred to in subsection   (3):

  (a)   disregard any exceptions in those principles to requirements in those principles for entities to be consolidated as a single group; and

  (b)   without limiting paragraph   (a), disregard any rule in those principles providing that one or more entities (the excepted entities ) are not required to be consolidated as a single group with one or more other entities because the effect of such consolidation would be immaterial as a result of:

  (i)   the size of the excepted entities; or

  (ii)   any other matter.

Table of Subdivisions

961 - A   Dependant (non - student child under 21 or student) notional tax offset

961 - B   Dependant (sole parent of a non - student child under 21 or student) notional tax offset


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