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

Schedule 24   Consolidation: pay as you go (PAYG) instalments

Part 2   Amendment of the Income Tax Assessment Act 1997

20   Subsection 995-1(1) (definition of consolidation transitional year )

Repeal the definition, substitute:

consolidation transitional year for a *member of a *consolidated group or a member of a *MEC group, is an income year for that member that satisfies both of the following conditions:

(a) the group is in existence during all or any part of that year;

(b) Subdivision 45-Q in Schedule 1 to the Taxation Administration Act 1953 (including that Subdivision as applied under Subdivision 45-S in that Schedule):

(i) does not apply at all to the *head company or the *provisional head company of the group during that year; or

(ii) starts to apply at any time during that year to the head company or the provisional head company of the group because of subsection 45-705(2) or subparagraph 45-705(3)(c)(ii), (4)(d)(ii) or (iv), or subsection 45-915(2) or subparagraph 45-915(3)(c)(ii), (4)(b)(ii) or (iv), in that Schedule.