Summary
Further to the New Business Tax System (Consolidation) Bill (No. 1) 2002, the bill amends the: Income Tax Assessment Act 1936, Income Tax Assessment Act 1997, Income Tax (Transitional Provisions) Act 1997 and New Business Tax System (Consolidation) Act (No. 1) 2002 to further implement the consolidation regime from 1 July 2002; Income Tax Assessment Act 1997 to make consequential amendments in relation to imputation treatment of exempting entities and former exempting entities; Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to allow global company asset valuations in loss integrity measures; Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to introduce a general value shifting regime (in place of existing share value shifting and asset stripping rules), applying mainly to interests in controlled companies and trusts that are not consolidated which meet control or common ownership tests; and Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to provide capital gains tax relief for a demerger in certain circumstances. Also contains application, saving and transitional provisions.