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22 Jul 09 Consolidation changes - administrative treatment

In December 2005, the following changes to the consolidation regime were announced:

  • amendments concerning the treatment of membership interests acquired before 20 September 1985 with effect from date of announcement (transitional rules apply from 1 July 2002), and
  •  enhancements to the tax cost setting rules and interactions with other parts of the income tax law with effect from 1 July 2002

The first part of the legislation to bring these changes into effect is contained in Tax Laws Amendment (2006 Measures No 4) Act 2006 (Act No 168 of 2006) which was introduced on 22 June 2006 and received Royal Assent on 12 December 2006. The second part of the legislation to bring these changes into effect is contained in Tax Laws Amendment (2009 Measures No 4) Bill 2009 which was introduced on 25 June 2009 and is currently before Parliament.

Subsequently, the Government announced in the 2008 Budget that it would introduce legislation to refine the consolidation regime further by making a range of technical amendments including interactions between the consolidation provisions and other parts of the income tax law. These measures were announced in December 2005, October 2006 and May 2007, but unenacted, by the previous Government. Legislation to bring these further changes into effect is also contained in Tax Laws Amendment (2009 Measures No 4) Bill 2009.

For information on the ATO administrative treatment of these changes,  go here and here

 


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