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.