On 24 May 2007, Financial Sector Legislation Amendment (Restructures) Bill 2007 was introduced into the House of Representatives. Schedule 2 to the Bill amends the consolidation membership rules and the capital gains tax provisions in the Income Tax Assessment Act 1997 to remove tax impediments that prevent financial groups containing authorised deposit-taking institution (ADIs) from restructuring. Some consequential amendments are also made. The measure applies from 1 July 2007. The measure was announced on 8 May 2007 in the 2007-08 Budget.
For a copy of the Bill, go here
For a copy of the EM, go here