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In a press release issued on 12 October 2007, the Minister for Revenue and Assistant Treasurer, Peter Dutton, announced that the Government will modify the tax consolidation regime to ensure that, when an entity joins a consolidated group or multiple entry consolidated group (MEC group) following a capital gains tax (CGT) rollover affecting the membership interests of the joining entity, the tax cost setting rules do not apply to uplift the tax costs of the joining entity’s assets. The amendments will apply to entities that join a consolidated group or MEC group after 12 October 2007.

For a copy of the Minister's press release, No 2007/124, 12 October 2007, go here

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