Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 700 - Guide and objects  

Objects  

SECTION 700-10   700-10   Objects of this Part  


The objects of this Part are:


(a) to prevent double taxation of the same economic gain realised by a consolidated group; and


(b) to prevent a double tax benefit being obtained from an economic loss realised by a consolidated group; and


(c) to provide a systematic solution to the prevention of such double taxation and double tax benefits that will:


(i) reduce the cost of complying with this Act; and

(ii) improve business efficiency by removing complexities and promoting simplicity in the taxation of wholly-owned groups.

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