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.