New Business Tax System (Consolidation) Act (No. 1) 2002 (68 of 2002)
Schedule 3 Consequential amendments relating to main consolidation provisions
Part 3 Limiting access to group concessions
Division 1 CGT roll-overs
Income Tax Assessment Act 1997
23 Application of amendments of Subdivision 126-B
(1) The amendments of Subdivision 126-B of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to a trigger event happening after 30 June 2003, except a trigger event to which subitem (2) applies.
(2) This subitem and subitem (3) apply to a trigger event if:
(a) the originating company involved in the trigger event becomes a member of a consolidated group, or MEC group, on the day (the consolidation day ) on which that group comes into existence; and
(b) the consolidation day either is before 1 July 2003 or is both:
(i) the first day of the first income year starting after 30 June 2003 of the group's head company (for a consolidated group) or provisional head company (for a MEC group) on the consolidation day; and
(ii) before 1 July 2004; and
(c) the originating company was not a member of a consolidated group or MEC group before the consolidation day.
(3) The amendments of Subdivision 126-B of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to the trigger event if it happens on or after the consolidation day.
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