Introduction:
The Australian Accounting Standards Board issued AASB1020/AAS3 [Income Taxes] in December 1999 to replace the previous version of this standard for accounting for Income Taxes. The revision of AASB 1020 Income Taxes represents on of the most significant changes introduced by the Australian Accounting Standards Board as a part of its international programs.
The introduction of the tax consolidation regime by [AASB and IAS] is a major change in business taxation and will involve a significant amount of tax planning and resources to control its execution. The tax consolidation regime will have a significant bearing on tax issues and the tax value of assets and liabilities within groups with consequences for tax accounting.
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