Income Tax Act rewrite: Part M

An exposure draft of Part M of the rewritten Income Tax Act was today released for public comment. The rewrite is designed to rationalise the common rules that apply to memorandum accounts, such as the consolidated group rules and qualifying amalgamation rules under Part M. The rules relating to tax payments and refunds previously contained in subparts MB to MD of the 2004 Act are to be rewritten in Part N.

Submissions on this exposure draft are invited before the closing date of 19 May 2006. See "Rewriting the Income Tax Act Exposure Draft, Part M".