New Business Tax System (Consolidation) Act (No. 1) 2002 (68 of 2002)

Schedule 3   Consequential amendments relating to main consolidation provisions

Part 3   Limiting access to group concessions

Division 2   Loss transfers

Income Tax Assessment Act 1997

27   After subsection 170-5(2)

Insert:

(2A) One of the companies must be an Australian branch of a foreign bank. The other company must be:

(a) the head company of a consolidated group or MEC group; or

(b) not a member of a consolidatable group.