The following sets out whether entities may or may not be members of a consolidated group either as a head company or subsidiary member.
The following codes are available for selection when completing the Eligibility Tests Worksheets
|
Class Code |
Description of Entity |
Excl. as Head Y/N |
Excl. as subsidiary Y/N |
Reason |
|---|---|---|---|---|
|
A |
An entity that is exempt from income tax under division 50 of the ITAA 1997 |
Yes |
Yes |
Total ordinary and statutory income is exempt from tax. |
|
B |
A recognised medium credit union (defined by section 6H of the ITAA 1936) |
Yes |
Yes |
Have a threshold placed on the tax payable on their taxable income |
|
C |
An Approved credit union (defined under section 23G of the ITAA 1936) that is not a recognised medium or large credit union |
Yes |
Yes |
Entitled to an exemption under section 23G of the ITAA 1936 for interest received from non-corporate members |
|
D |
A Pooled development fund (PDF) (defined under section 995-1 of the ITAA 1997) |
Yes |
Yes |
Subject to a concessional rate of tax, that is, not subject to the general rate of company tax |
|
E |
A Film Licensed Investment Company (FLIC) (defined under section 375-855 of the ITAA 1997) |
Yes |
Yes |
Tax losses and capital losses cannot be transferred and deductions for expenditure on a film where the amount spent is FLIC capital cannot be claimed |
|
N |
A Non-Profit Company (defined under section 3 of Income Tax Rates Act 1986 |
Not excluded |
Yes |
Subject to a rate of tax other than the general company tax rate. Non-profit companies can however be a head company |
|
N/A |
A trust that is a:
|
Not Applicable |
Yes |
The corporate tax rate is 'phased in' on the taxable income of these entities |