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 701 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 ).

S 701-56(1) substituted by No 99 of 2012, s 3 and Sch 3 item 31, effective 29 June 2012. For application provisions see note under s 701-55(5C) . S 701-56(1) formerly read:

Entry history rule

701-56(1)
To avoid doubt, if subsection 701-55(6) applies in relation to an asset at the time (the joining time ) an entity (the joining entity ) became a * subsidiary member of a * consolidated group, the things that are taken to have happened in relation to the * head company of the group under section 701-5 (the entry history rule) do not include:

(a) the cost, outgoing, expenditure or other amount incurred or paid to acquire the asset by the joining entity; and

(b) whether the cost, outgoing, expenditure or other amount incurred or paid by the joining entity to acquire the asset has been deducted by the joining entity before the joining time.

S 701-56(1) inserted by No 99 of 2012, s 3 and Sch 3 item 18, effective 29 June 2012. For application provisions see note under s 701-55(5C) .

Former s 701-56(1) repealed by No 99 of 2012, s 3 and Sch 3 item 4, effective 29 June 2012. For application provisions see note under s 701-55(5C) . S 701-56(1) formerly read:

Entry history rule

701-56(1)
To avoid doubt, if subsection 701-55(6) applies in relation to an asset at the time (the joining time ) an entity (the joining entity ) became a *subsidiary member of a *consolidated group, the things that are taken to have happened in relation to the *head company of the group under section 701-5 (entry history rule) do not include:

(a) the cost, outgoing, expenditure or other amount incurred or paid to acquire the asset by the joining entity; and

(b) whether the cost, outgoing, expenditure or other amount incurred or paid by the joining entity to acquire the asset has been deducted by the joining entity before the joining time.

S 701-56(1A) inserted by No 99 of 2012, s 3 and Sch 3 item 31, effective 29 June 2012. For application provisions see note under s 701-55(5C) .

S 701-56(1B) inserted by No 99 of 2012, s 3 and Sch 3 item 31, effective 29 June 2012. For application provisions see note under s 701-55(5C) .

S 701-56(2) substituted by No 99 of 2012, s 3 and Sch 3 item 31, effective 29 June 2012. For application provisions see note under s 701-55(5C) . S 701-56(2) formerly read:

Trading stock

701-56(2)
Subsection 701-55(6) does not apply in relation to an asset if it is * trading stock.

S 701-56(2) inserted by No 99 of 2012, s 3 and Sch 3 item 18, effective 29 June 2012. For application provisions see note under s 701-55(5C) .

Former s 701-56(2) repealed by No 99 of 2012, s 3 and Sch 1 item 4, effective 29 June 2012. For application provisions see note under s 701-55(5C) . S 701-56(2) formerly read:

Trading stock

701-56(2)
Subsection 701-55(6) does not apply in relation to an asset if it is *trading stock.

S 701-56(3) amended by No 99 of 2012, s 3 and Sch 3 item 32, by omitting " , other than section 40-880 (Business related costs) " after " deductible over time) " in para (d), effective 29 June 2012. For application provisions see note under s 701-55(5C) .

S 701-56 inserted by No 56 of 2010, s 3 and Sch 5 item 3, applicable on and after 1 July 2002. For transitional provision see note under Subdiv 716-S .