The single entity rule (SER), which is the basic premise on which the tax consolidation regime in Australia operates, treats the subsidiary members of a tax consolidated group as parts of the head entity, as opposed to separate entities for the core purposes of calculating the income tax liability (or loss) of the members of that group for an income year. This article revisits the scope of deeming in the SER as well as highlighting the importance of being precise when applying the SER in practice. This article also considers some anomalous outcomes that may arise due to the interaction with the SER and dealings with third parties, as well as the interaction between the SER and other areas of the tax law such as Pt IVA, treaties and the hybrid mismatch rules. Overall it is concluded that so long as when future legislation is drafted, consideration (where applicable) is given to the potential impact and scope of the SER, then it should continue to operate and interact with other areas of domestic tax law, without any undue or anomalous income tax consequences.