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The ATO has published a Decision Impact Statement in relation to the Federal Court's decision in GE Capital Finance Australasia Pty Limited and GE Capital Australia v FCT [2011] FCA 849; 2011 ATC 20-270.

The Federal Court (Gordon J) made the declaration that GE Mortgage Insurance Holdings Pty Ltd (GEMIH) and GE Mortgage Insurance Company Pty Ltd became members of the GE Capital Finance Australasia Pty Ltd MEC Group with effect from 10 November 2003.

The Decision Impact Statement states that while s 719-5(4)(c)(ii) ITAA 1997 requires the head company of a MEC group to state in its "choice in writing" that specified eligible tier-1 companies are to become members of the group "with effect from" the time that they become eligible tier-1 companies, her Honour found that this does not require the head company to state a day or time in the written choice, because the time is fixed by the ITAA 97, and is not a matter for the head company to have a view about. The head company need do no more than specify the eligible tier-1 companies in the choice. Her Honour then found that the NAT 7024 form constituted the relevant "choice in writing" for GEMIH to become a member of the MEC group.


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