Section EK 20 — Income Tax Act 2007: Environmental restoration account of consolidated group company

EK 20 Environmental restoration account of consolidated group company Company with environmental restoration account (1) A company that is part of a consolidated group may have an environmental restoration account. Nominated company for group acting on behalf of company (2) The nominated company for the consolidated group may act on behalf of the group company under this subpart to— (a) make payments, applications, and transfers: (b) receive refunds and transfers. Use of consolidated financial statements for group (3) In making payments and applications under this subpart, the nominated company may rely on the audited consolidated financial statements for the consolidated group. Use of consolidated figures for liabilities anticipated and expenditure incurred (4) If the nominated company relies on the audited consolidated financial statements for the consolidated group, the consolidated figures for the anticipated liabilities and incurred expenditure of the consolidated group are attributed to the group companies on the basis of the individual obligations of the companies to incur expenditure of a kind listed in schedule 19, part B (Expenditure in avoiding, remedying, or mitigating detrimental effects of discharge of contaminant) and not in schedule 19, part C . Defined in this Act: consolidated group , environmental restoration account , nominated company , pay , Compare: 2004 No 35 s EK 20