Tax Laws Amendment (Improvements to Self Assessment) Act (No. 2) 2005 (161 of 2005)

Schedule 1   Assessments

Part 4   Consequential amendments

Division 2   Nil assessment provisions

Taxation Administration Act 1953

56   Subsection 45-865(1) in Schedule 1

Repeal the subsection, substitute:

(1) When the Commissioner makes an assessment:

(a) of the income tax that the *head company of a *consolidated group is liable to pay for a *consolidation transitional year for the head company; or

(b) that no income tax is payable by the head company for that year;

the head company is, in addition to any credit to which it is entitled under section 45-30 for that year, entitled to a credit in relation to instalments payable by an entity that is a *subsidiary member of the group at any time during that year.