Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-90
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CONSOLIDATED GROUPS
Division 700
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Guide and objects
Objects
SECTION 700-10
700-10
Objects of this Part
The objects of this Part are:
(a) to prevent double taxation of the same economic gain realised by a consolidated group; and
(b) to prevent a double tax benefit being obtained from an economic loss realised by a consolidated group; and
(c) to provide a systematic solution to the prevention of such double taxation and double tax benefits that will:
View history note
Hide history noteThe objects of this Part are:
(a) to prevent double taxation of the same economic gain realised by a consolidated group; and
(b) to prevent a double tax benefit being obtained from an economic loss realised by a consolidated group; and
(c) to provide a systematic solution to the prevention of such double taxation and double tax benefits that will:
(i) reduce the cost of complying with this Act; and
(ii) improve business efficiency by removing complexities and promoting simplicity in the taxation of wholly-owned groups.
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