Summary
Amends the Income Tax Assessment Act 1997 to introduce a consolidation regime for resident entities that comprise a wholly-owned corporate group. Also amends the Income Tax (Transitional Provisions) Act 1997 in relation to transitional concessions available for transferred losses; Taxation Administration Act 1953 in relation to pay as you go instalments for entities in consolidated groups; makes consequential amendments to the Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997; and contains application and transitional provisions.