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 1   CGT roll-overs

Income Tax Assessment Act 1997

23   Application of amendments of Subdivision 126-B

 

(1) The amendments of Subdivision 126-B of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to a trigger event happening after 30 June 2003, except a trigger event to which subitem (2) applies.

      

(2) This subitem and subitem (3) apply to a trigger event if:

(a) the originating company involved in the trigger event becomes a member of a consolidated group, or MEC group, on the day (the consolidation day ) on which that group comes into existence; and

(b) the consolidation day either is before 1 July 2003 or is both:

(i) the first day of the first income year starting after 30 June 2003 of the group's head company (for a consolidated group) or provisional head company (for a MEC group) on the consolidation day; and

(ii) before 1 July 2004; and

(c) the originating company was not a member of a consolidated group or MEC group before the consolidation day.

      

(3) The amendments of Subdivision 126-B of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to the trigger event if it happens on or after the consolidation day.