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S 713-270 repealed by No 56 of 2010, s 3 and Sch 5 item 32, effective 3 June 2010. For application provision, see note under section 705-125(1) . S 713-270 formerly read:

SECTION 713-270 Partnership leaves group - certain partnership cost setting interests treated as having been acquired before 20 September 1985  
713-270(1)
This section applies if any of the assets of the partnership at the leaving time has a ^* pre-CGT factor under section 713-245.

713-270(2)
Apply section 711-65 (simple case where assets have a pre-CGT factor) as if:

(a) the ^* pre-CGT factor were a pre-CGT factor under section 705-125; and

(b) instead of applying to ^* membership interests in the partnership, section 711-65 applied to ^* partnership cost setting interests that relate to the asset of the partnership; and

(c) if the pre-CGT factor for the asset is 1, the number of those partnership cost setting interests worked out under subsection (2) of that section were all of those partnership cost setting interests; and

(d) if the pre-CGT factor for the asset is less than 1, each partnership cost setting interest (the actual interest ) consisted of 2 separate partnership cost setting interests that relate to the asset, as follows:

(i) one partnership cost setting interest, comprised of the fraction of the actual interest that equals the pre-CGT factor, with a pre-CGT factor of 1 for the purposes of paragraph (c) of this subsection;

(ii) the other partnership cost setting interest, equal to the remainder of the actual interest, that is not one of the number of partnership cost setting interests that is worked out under subsection (2) of that section.

713-270(3)
Apply section 711-70 (multiple exit case where assets have a pre-CGT factor) as if:

(a) a reference in that section to ^* membership interests in an entity, where that entity is the partnership, were a reference to ^* partnership cost setting interests that relate to the assets of the partnership; and

(b) the requirement in subsection (4) of that section to apply subsections 711-65(3) to (6) in relation to a particular entity were, where the entity is the partnership, a requirement to apply subsection (2) of this section.

S 713-270 inserted by No 83 of 2004, s 3 and Sch 2 item 32, applicable on and after 1 July 2002.