Summary
Amends the Income Tax Assessment Act 1997 to: remove a double benefit that can arise in relation to certain deductible liabilities held by an entity that joins a consolidated group; ensure that deferred tax liabilities are disregarded for the purposes of the operation of the entry and exit tax cost setting rules; prevent a double benefit from arising when an entity joins or leaves a consolidated group where the entity has securitised an asset; prevent non-residents churning assets between different consolidated groups to access double deductions; clarify the tax treatment of certain intra-group liabilities and assets between a continuing member of a consolidated group and an exiting member of the consolidated group; and prevent consolidated groups from accessing double deductions by shifting value across entities in the group.