Consolidation reality

THE final hurdle for the Federal Government’s consolidation legislation has been overcome, with parliament passing the package last week.

Minister for Revenue and Assistant Treasurer Senator Helen Coonan said the consolidation package would bring increased flexibility to business and address concerns with the taxation of corporate groups.

Special transitional rules, designed to reduce compliance costs on entry to consolidation, are available to groups that consolidate before July 2004.

“Foreign losses transferred to a consolidation group will be treated the same as other losses using the three-year transitional concession for continuity of ownership test losses,” Senator Coonan said.

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