OrbitaxAustralian Parliament Passes Legislation on Improving Cost Setting Rules when an Entity Leaves or Joins a Tax Consolidated Group
|Approved Changes|Australia
On 22 March 2018, the Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018 was finally passed by both houses of the Australian parliament. As summarized on the legislation page, the bill amends the Income Tax Assessment Act 1997 to:
- Remove a double benefit that can arise in relation to certain deductible liabilities held by an entity that joins a consolidated group;
- Ensure…
