New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 4   Consolidation: adjustments for errors etc.

Part 2   Consequential amendments

Income Tax Assessment Act 1997

3   Section 104-5 (at the end of the table)

Add:

L6 Error in calculation of tax cost setting amount for joining entity's assets: CGT event L6

[See section 104-525]

start of the income year when the Commissioner becomes aware of the errors

the net overstated amount resulting from the errors, or a portion of that amount

the net understated amount resulting from the errors, or a portion of that amount

L7 Discharged amount of liability differs from amount for allocable cost amount purposes: CGT event L7

[See section 104-530]

start of the income year in which the liability is realised

your allocable cost amount less what it would have been had you used the correct amount for the liability

what your allocable cost amount would have been had you used the correct amount for the liability less your allocable cost amount