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

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

Act No. 117 of 2002 as amended

This compilation was prepared on 18 August 2010 taking into account amendments up to Act No. 75 of 2010

The text of any of those amendments not in force on that date is appended in the Notes section

The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing, Attorney‑General's Department, Canberra

Contents 1 Short title [see Note 1] 2 Commencement 3 Schedule(s)

Schedule 1—Consolidation: assessable income and deductions spread over several membership or non‑membership periods Income Tax Assessment Act 1997

Schedule 2—Consolidation: group continues when shelf company becomes new head company Income Tax Assessment Act 1997

Schedule 3—Consolidation: effect on cost base rules etc. of loss of pre‑CGT status of membership interests

Part 1—Basic amendments Income Tax Assessment Act 1997

Part 2—Consequential CGT amendments Income Tax Assessment Act 1997

Part 3—Transitional provisions Income Tax (Transitional Provisions) Act 1997

Schedule 4—Consolidation: new Subdivisions 705‑C (where a consolidated group is acquired by another) and 705‑D (where multiple entities are linked by membership interests) Income Tax Assessment Act 1997

Schedule 5—Consolidation: allocable cost amount for a joining trust

Part 1—New provisions inserted in the Income Tax Assessment Act 1997

Part 2—Consequential amendment Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997

Schedule 6—Consolidation: losses

Part 1—Maintaining same ownership to utilise transferred losses Income Tax Assessment Act 1997

Part 2—Utilising losses head company transfers to itself Income Tax Assessment Act 1997