New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 (90 of 2002)

Schedule 15   Value shifting

Part 5   Dictionary amendments

Income Tax Assessment Act 1997

22   Subsection 995-1(1) (definition of adjustable value)

Repeal the definition, substitute:

adjustable value :

(a) of a*depreciating asset, has the meaning given by section 40-85; and

(b) of an*equity or loan interest:

(i) for the purposes of determining the consequences of a*direct value shift - has the meaning given by sections 725-240, 725-315 and 725-325; and

(ii) for the purposes of determining the consequences of an*indirect value shift - has the meaning given by sections 727-830, 727-835 and 727-840.