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Second Reading Speeches

New Business Tax System (Consolidation and Other Measures) Bill (No. 1) 2002

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
40

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Summary

Further to the

New Business Tax System (Consolidation) Act (No. 1) 2002
and proposed
New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002
, the bill amends the
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
and
Income Tax (Transitional Provisions) Act 1997
to further implement the consolidation regime which commenced on 1 July 2002. Also contains application and transitional provisions and makes consequential amendments to the
Financial Corporations (Transfer of Assets and Liabilities) Act 1993
,
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
,
Taxation Administration Act 1953
and
Wool Services Privatisation Act 2000
.