Clear exit Sample Clauses
Clear exit. An ITSA contributing member is not liable to pay to the ATO its contribution amount if the member left the group clear of the group liability. A clear exit is achieved if:
a. the liability for a tax period was covered by the ITSA;
b. the member leaves before it is required to give the Commissioner a GST return for that tax period; and
▇. the exiting member pays to the representative member a clear exit payment before the day on which the representative member is required to give to the Commissioner a GST return for that period. A clear exit payment will be the reasonable estimate of the exited member’s contribution amount in relation to that tax period. Our ITSA has clear exit provisions to detail with this issue.
Clear exit. (a) At least 10 Business Days prior to Completion, the Seller must prepare and provide to the Buyer draft calculations and accompanying supporting workpapers of the Clear Exit Amount for each Group Company which is a member of the Seller Consolidated Group for the Buyer’s review.
(b) At least 5 Business Days prior to Completion, the Buyer may provide to the Seller any reasonable comments in respect of the draft calculations referred to in clause 8.1(a) for the Seller's consideration.
(c) At least 2 Business Days prior to Completion, the Seller must:
(i) serve on each Group Company which is a member of the Seller Consolidated Group a written notice of demand in accordance with clause 9.6 of the Tax Sharing and Funding Agreement demanding payment of its final Clear Exit Amount based on the draft calculations referred to in clause 8.1(a) but amended as required to take account of any reasonable comments provided to the Seller by the Buyer under clause 8.1(b); and
(ii) provide copies of each such notice to the Buyer.
(d) No later than 1 Business Day prior to Completion, if required, the Seller must procure that each Group Company which is a member of the Seller Consolidated Group pays to the Seller its Clear Exit Amount in accordance with clause 9.9 of the Tax Sharing and Funding Agreement and provides a receipt to the Buyer for each such payment. Share sale deed 42