Section FM 32 — Income Tax Act 2007: Restriction on membership of consolidated groups

FM 32 Restriction on membership of consolidated groups A company is not eligible to be in more than 1 consolidated group at a particular time. If circumstances arise in which a company would, apart from this section, be treated at a particular time as in more than 1 consolidated group, then— (a) the company is treated as in the consolidated group of which it was first part; or (b) if the company is in 2 or more consolidated groups simultaneously, the Commissioner may specify its consolidated group, having regard to all the circumstances of the case. Defined in this Act: Commissioner , company , consolidated group , Compare: 2004 No 35 s FD 5