Section FM 35 — Income Tax Act 2007: Forming consolidated group

FM 35 Forming consolidated group Election (1) Two or more companies may choose to form a consolidated group of companies if the companies are, at the time,— (a) a wholly-owned group of companies; and (b) eligible under section FM 31 . Notifying Commissioner (2) The Commissioner must be notified of an election under subsection (1). For the purposes of section FM 3(5) , the notice must state that each company that is part of the consolidated group acknowledges their joint and several liability for the amount of income tax assessed for the consolidated group. Nominated company (3) A notice under subsection (2) must nominate 1 of the companies in the consolidated group as its agent. The company is called the nominated company . Defined in this Act: agent , amount , assessment , Commissioner , company , consolidated group , income tax , nominated company , notice , notify , wholly-owned group , Compare: 2004 No 35 ss FD 3(a) , FD 4(1), (2)