New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 1   Consolidation: amendments of various cost base provisions

Part 6   Extension of transitional provision relating to step 3 of allocable cost amount on group formation

Income Tax (Transitional Provisions) Act 1997

27   Subsection 701-30(1)

Repeal the subsection, substitute:

Section only applies to transitional groups formed at certain times

(1) This section applies if the day on which the transitional group comes into existence is before 1 July 2003 or is both:

(a) the first day of the first income year of the head company starting after 30 June 2003; and

(b) before 1 July 2004.

Section only applies to non-chosen transitional entities in such groups

(1A) This section applies to each transitional entity in the transitional group, other than a chosen transitional entity. This is so even if there are no chosen transitional entities at all.