S 73BAG repealed by No 93 of 2011, s 3 and Sch 3 item 44, effective 8 September 2011. For application, savings and transitional provisions see note under s
82KZLB
. S 73BAG formerly read:
SECTION 73BAG BALANCING ADJUSTMENTS FOR CERTAIN ASSETS OF CONSOLIDATED GROUPS
73BAG(1)
Subsections 73B(23) and (24B) do not apply to an asset held by the head company of a consolidated group or MEC group where the tax cost of the asset is set under Division
701
of the
Income Tax Assessment Act 1997
. Instead, any balancing adjustment for the asset is worked out under section
73BF
of this Act or section
40-292
of the
Income Tax Assessment Act 1997
.
History
S 73BAG(1) amended by
No 58 of 2006
, s 3 and Sch 7 item 174, by substituting
"
Subsections 73B(23) and (24B)
"
for
"
Subsections 73(23) and (24B)
"
, effective 24 October 2002.
73BAG(2)
In working out the amount of a balancing adjustment under section
73BF
of this Act or section
40-292
of the
Income Tax Assessment Act 1997
for the asset, the asset's adjustable value (see section
40-85
of that Act) is reduced by so much of a reduction amount (see section
73BAF
of this Act) for the asset that has not been applied in reducing a notional Division 40 deduction for the head company.
S 73BAG inserted by No 16 of 2003.
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