Commonwealth Consolidated Acts

NEW BUSINESS TAX SYSTEM (CONSOLIDATION AND OTHER MEASURES) ACT 2003 - NOTES

Act No. 16 of 2003 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: amendments of various cost base provisions

Part 1--Adjustments to restrict step 4 reduction in allocable cost amount in Subdivision 705-B and 705 -D cases

Income Tax Assessment Act 1997

Part 2--Consequential amendments relating to simplified imputation system

Income Tax Assessment Act 1997

Income Tax (Transitional Provisions) Act 1997

Part 3--Changes to tax cost setting amount in Subdivision 705-B and 705-D cases to take account of steps 3 and 5 of allocable cost amount

Income Tax Assessment Act 1997

Part 4--Adjustment to allocable cost amount for certain pre-joining time roll-overs from foreign residents

Income Tax Assessment Act 1997

Part 5--Technical corrections

Income Tax Assessment Act 1997

Part 6--Extension of transitional provision relating to step 3 of allocable cost amount on group formation

Income Tax (Transitional Provisions) Act 1997

Part 7--Transitional group's allocable cost amount for subsidiary members other than chosen transitional entities

Income Tax (Transitional Provisions) Act 1997

Part 8--Inclusion in certain transitional provisions of references to the Income Tax Assessment Act 1997

Income Tax (Transitional Provisions) Act 1997

Schedule 2--Consolidation: beneficial ownership

Income Tax Assessment Act 1997

Schedule 3--Consolidation: technical amendment of membership rules

Income Tax Assessment Act 1997

Schedule 4--Consolidation: adjustments for errors etc.

Part 1--New Subdivision 705-E

Income Tax Assessment Act 1997

Part 2--Consequential amendments

Income Tax Assessment Act 1997

Taxation Administration Act 1953

Schedule 5--Consolidation: imputation rules

Income Tax Assessment Act 1936

Income Tax Assessment Act 1997

Schedule 6--Consolidation: life insurance companies

Part 1--Life insurance companies and consolidation

Income Tax Assessment Act 1997

Part 2--Consequential amendments

Income Tax Assessment Act 1997

Part 3--Transitional provisions

Income Tax (Transitional Provisions) Act 1997

Taxation Administration Act 1953

Schedule 7--Consolidation: interactions between Consolidation rules and other rules

Part 1--New Division 715 inserted in the Income Tax Assessment Act 1997

Part 2--New Subdivision 719-T inserted in the Income Tax Assessment Act 1997

Part 3--Consequential amendment of the Income Tax Assessment Act 1997

Part 4--Dictionary amendments

Income Tax Assessment Act 1997

Schedule 8--Consolidation: various provisions about CFCs, FIFs and FLPs

Income Tax Assessment Act 1997

Schedule 9--Consolidation: foreign dividend accounts

Part 1--Basic amendments

Income Tax Assessment Act 1997

Part 2--Related amendments

Income Tax Assessment Act 1936

Income Tax Assessment Act 1997

Schedule 10--Consolidation: offshore banking units

Income Tax Assessment Act 1936

Income Tax Assessment Act 1997

Schedule 11--Consolidation: application of rules to MEC groups

Income Tax Assessment Act 1997

Income Tax (Transitional Provisions) Act 1997

Schedule 12--Consolidation: MEC group cost setting rules

Income Tax Assessment Act 1997

Schedule 13--Consolidation: MEC groups and losses

Part 1--Basic amendments

Income Tax Assessment Act 1997

Part 2--Related amendments

Income Tax Assessment Act 1997

Schedule 14--Consolidation: liability rules

Income Tax Assessment Act 1997

Taxation Administration Act 1953

Schedule 15--Consolidation: general application provision

Income Tax (Transitional Provisions) Act 1997

Schedule 16--Consolidation: transitional foreign-held membership structures

Part 1--Amendment of the Income Tax Assessment Act 1997

Part 2--Amendment of the Income Tax (Transitional Provisions) Act 1997

Schedule 17--Consolidation: transitional cost setting rule relating to roll-overs

Income Tax (Transitional Provisions) Act 1997

Schedule 18--Consolidation: extra transitional provision for foreign tax credits

New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002

Schedule 19--Consolidation: amendment of losses rules

Income Tax Assessment Act 1997

Income Tax (Transitional Provisions) Act 1997

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

Schedule 20--Consolidation: transfers of losses involving financial corporations

Financial Corporations (Transfer of Assets and Liabilities) Act 1993

Schedule 21--Consolidation: CGT events relating to various cost base provisions

Income Tax Assessment Act 1997

Schedule 22--Consolidation: thin capitalisation

Income Tax Assessment Act 1997

Schedule 23--Consolidation: research and development

Income Tax Assessment Act 1936

Income Tax Assessment Act 1997

Taxation Administration Act 1953

Schedule 24--Consolidation: pay as you go (PAYG) instalments

Part 1--Amendment of the Taxation Administration Act 1953

Part 2--Amendment of the Income Tax Assessment Act 1997

Schedule 25--Value shifting

Income Tax Assessment Act 1997

Income Tax (Transitional Provisions) Act 1997

Schedule 26--Loss integrity rules: global method of valuing assets

Income Tax Assessment Act 1997

Income Tax (Transitional Provisions) Act 1997

Schedule 27--Venture capital franking

Income Tax Assessment Act 1997

Income Tax (Transitional Provisions) Act 1997

Schedule 28--Machinery provisions for simplified imputation system

Income Tax Assessment Act 1997

Income Tax (Transitional Provisions) Act 1997

Taxation Administration Act 1953

Schedule 29--Consequential amendments relating to the simplified imputation system

Income Tax Assessment Act 1936

Income Tax Assessment Act 1997

Schedule 30--The effect of a cum dividend sale or securities lending arrangement under the simplified imputation system

Income Tax Assessment Act 1997

Notes