The Australian Treasury has launched a public consultation on a draft bill that includes measures designed to remove anomalous tax outcomes that arise under the tax cost setting rules when an entity leaves or joins a tax consolidated group. The draft bill would amend the Income Tax Assessment Act 1997 (ITAA 1997) to improve the integrity of the consolidation regime by:
- Removing a double benefit which can arise in respect of certain deductible liabilities held by an entity that joins a consol…