Section RC 30 — Income Tax Act 2007: Consolidated groups using estimation method

RC 30 Consolidated groups using estimation method When subsection (2) applies (1) Subsection (2) applies for the purposes of the provisional tax rules if a company is part of a consolidated group of companies for some or all of a tax year but is not part of the group for some or all of the following tax year. Estimation before final instalment date (2) The company must estimate its residual income tax on or before the date of instalment F for the following income year that corresponds to the tax year, and the company is treated as a person to which section RC 7 applies for the purposes of its estimate. When company part of another consolidated group (3) The consolidated group, in the case of a company that is part of another consolidated group, must make an estimate of residual income tax on or before the date of instalment F for the following income year that corresponds to the tax year, and the consolidated group is treated as a person to which section RC 7 applies for the purposes of its estimate. When company no longer part of group (4) If a company stops being part of the consolidated group in the following tax year, the company’s estimate applies only to instalments of provisional tax payable after the date on which it stopped being part of the group. Defined in this Act: company , consolidated group , corresponding income year , pay , provisional tax , provisional tax rules , residual income tax , tax year , Compare: 2004 No 35 s MB 31