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
.