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

Schedule 4   Amendments about Pay as you go (PAYG) instalments

Part 2   Consequential amendments

Taxation Administration Act 1953

4   At the end of section 45-30 in Schedule 1 (after the note)

Add:

(4) If:

(a) you are a *subsidiary member of a *consolidated group at any time during a *consolidation transitional year for you; and

(b) an amount of instalment payable by you, or an amount of credit claimed by you under section 45-215 or 45-420, is taken into account in working out a credit to which the *head company of that consolidated group is entitled under section 45-865 for a consolidation transitional year for the head company;

that amount, to the extent to which it is so taken into account under that section, is not to be taken into account in working out any credit to which you are entitled under this section for any year.