Introduced with the New Business Tax System (Venture Capital Deficit Tax) Bill 2002 and further to the
New Business Tax System (Consolidation) Act (No. 1) 2002,
New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 and
New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002, the bill amends the
Income Tax Assessment Act 1936 and
Income Tax Assessment Act 1997 and 5 other Acts to implement the final stage of the consolidation regime which commenced on 1 July 2002 in relation to consolidated groups (including the taxation of life insurance companies) and the simplified imputation system (including venture capital franking). Also contains transitional provisions and makes consequential amendments.