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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

Part 3—Effect of exit history rule
Income Tax Assessment Act 1997

Schedule 7—Consolidation: foreign tax credits and exit history rule
Income Tax Assessment Act 1997

Schedule 8—Consolidation: MEC groups
Income Tax Assessment Act 1997

Schedule 9—Consolidation: application provision and transitional provisions about trading stock and internally‑generated assets
Income Tax (Transitional Provisions) Act 1997

Schedule 10—Consolidation: transitional rules for MEC tax cost setting provisions
Income Tax (Transitional Provisions) Act 1997

Schedule 11—Consolidation: consequential provisions for research and development
Income Tax Assessment Act 1936
Income Tax Assessment Act 1997
Taxation Administration Act 1953

Schedule 12—Consolidation: amendments relating to Division 170
Income Tax Assessment Act 1997
Income Tax (Transitional Provisions) Act 1997

Schedule 13—Consolidation: thin capitalisation
Income Tax Assessment Act 1997
Income Tax (Transitional Provisions) Act 1997

Schedule 14—Consolidation: consequential provisions for removal of grouping
Financial Corporations (Transfer of Assets and Liabilities) Act 1993
Income Tax Assessment Act 1936
Income Tax Assessment Act 1997
Taxation Administration Act 1953
Wool Services Privatisation Act 2000

Schedule 15—Consolidation: foreign tax credits
Income Tax (Transitional Provisions) Act 1997
New Business Tax System (Consolidation, Value Shifting, Demergers and Other