Taxation Laws Amendment Act (No. 8) 2003 (107 of 2003)

Schedule 2   Various amendments relating to consolidated groups

Part 6   Adjustments for errors etc.

Taxation Administration Act 1953

18   Subsection 8W(1C)

Insert:

tax on capital gain means the product of:

(a) the *capital gain that the *head company makes as a result of *CGT event L6 happening as mentioned in section 104-525 of the Income Tax Assessment Act 1997; and

(b) the *corporate tax rate in respect of taxable income for the income year in which that CGT event happens.