Income Tax Assessment Act 1997

Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Div 713 inserted by No 117 of 2002, s 3 and Sch 5 item 6, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Subdiv 713-E inserted by No 67 of 2003, s 3 and Sch 4 item 1, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

S 713-245 repealed by No 56 of 2010, s 3 and Sch 5 item 31, effective 3 June 2010. For application provision, see note under section 705-125(1) . S 713-245 formerly read:

SECTION 713-245 Partnership joins group - pre-CGT factor for partnership asset  
713-245(1)
The ^* pre-CGT factor for each asset covered by subsection 713-235(3) is worked out under subsections (2) and (3) (instead of subsection 705-125(3)).

713-245(2)
Firstly, identify the ^* partnership cost setting interests (the pre-CGT interests ) in the partnership, relating to assets of the partnership, for which there is a ^* pre-CGT factor at the joining time.

Note:

The pre-CGT factor for such a partnership cost setting interest is worked out at the time the partner holding the interest became a subsidiary member of the group (whether that time is the joining time or was an earlier time).

713-245(3)
Secondly, work out the ^* pre-CGT factor for each asset covered by subsection 713-235(3) in this way: Partnership assets ' pre-CGT factor

Step 1.

For each pre-CGT interest, multiply its *market value at the joining time by its *pre-CGT factor.

Step 2.

Add up all the results of step 1.

Step 3.

Add up the *market values of all the assets of the partnership at the joining time.

Step 4.

Divide the result of step 2 by the result of step 3.

S 713-245 inserted by No 67 of 2003, s 3 and Sch 4 item 1, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).