Section FN 6 — Income Tax Act 2007: Nominated companies

FN 6 Nominated companies Group company at the time (1) The nominated company of an imputation group at any time must be part of the imputation group at the time. Trans-Tasman imputation groups (2) For a trans-Tasman imputation group, the nominated company— (a) must not be an Australian imputation credit account (ICA) company: (b) is the nominated company for the resident imputation subgroup associated with the trans-Tasman imputation group. Agent (3) For the purposes of the imputation rules, a nominated company is, at a time, the agent of the imputation group and of each company that is part of the imputation group at the time. Changing nominated company (4) A nominated company may notify the Commissioner that it is, at a particular date, no longer to continue as the agent for the imputation group, and that another company is to become the nominated company. When notice takes effect (5) A notice under subsection (4) has effect 30 days after the date on which the Commissioner receives it. Replacing nominated company (6) If a nominated company of an imputation group is liquidated, the other companies in the imputation group may choose a replacement. The replacement company— (a) becomes the nominated company from the date of the liquidation, on complying with paragraph (b); and (b) must notify the Commissioner of its selection as nominated company within 30 days after the date of the liquidation, or by a later date if the Commissioner agrees. Defined in this Act: agent , Australian ICA company , Commissioner , company , imputation group , liquidation , nominated company , notice , notify , resident imputation subgroup , trans-Tasman imputation group , Compare: 2004 No 35 ss FDA 5 , FDA 6(6)