28Merged entity taken to be the same body, for tax purposes, as merging entities

#### 28 Merged entity taken to be the same body, for tax purposes, as merging entities (1) Where: (a) 2 or more entities are a set of merging entities; and (b) an entity is the merged entity in relation to that set; subsection (2) has effect, on and after the merger day in relation to that set and that merged entity, even if any of the entities concerned later ceases to be a group company. (2) For the purposes only of the application of the laws of the Commonwealth, of the States and of the Territories relating to taxation: (a) the merging entities are taken to be the same body as the merged entity and to continue in existence under the merged entity’s name; and (b) any provisions of this Act that are inconsistent with paragraph (a) are to be disregarded; and (c) any act or transaction inconsistent with paragraph (a) is taken not to have been done or not to have occurred, as the case may be; and (d) Telecom as it existed at any time before the succession day is taken to have had at that time a share capital all the issued shares in which were beneficially owned by the Commonwealth; and (e) OTC as it existed at any time before the succession day is taken to have had at that time a share capital all the issued shares in which were beneficially owned by the Commonwealth. (3) The effect that this section has in relation to a set of merging entities and the merged entity in relation to that set is in addition to, and does not prejudice, the effect that this section has in relation to another set of merging entities and the merged entity in relation to that other set.