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 705 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 ).

Subdiv 705-A 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 705-70(1) amended by No 56 of 2010, s 3 and Sch 5 items 94 and 95, by substituting " the joining entity ' s *accounting principles for tax cost setting " for " *accounting standards, or statements of accounting concepts made by the Australian Accounting Standards Board " and omitting " that can or must be recognised in the entity ' s statement of financial position " after " is a liability of the joining entity at the joining time " , applicable on and after 10 February 2010.

S 705-70(1) amended by No 16 of 2003, s 3 and Sch 6 item 7, by inserting the note at the end, 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S 705-70(1) note repealed by No 90 of 2002, s 3 and Sch 2 item 24, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ). The note formerly read:

Note: Liabilities that the joining entity owes to members of the joined group would not be excluded even though the standards or statements require that they be eliminated in consolidated accounts of a parent entity and its subsidiaries.

S 705-70(1A) repealed by No 14 of 2018, s 3 and Sch 1 item 7, effective 1 April 2018 and applicable in relation to an accounting liability of an entity that becomes a subsidiary member of a consolidated group or MEC group under an arrangement that commences on or after the start of the day on which the Bill that became this Act was introduced into the House of Representatives. See note under s 716-440 . S 705-70(1A) formerly read:

Where liability valued differently for joined group

705-70(1A)
However, if, in accordance with the *accounting principles, the amount of an accounting liability of the joining entity would be different when it became an accounting liability of the joined group, the different amount is treated as the amount of the liability.

Note:

Liabilities that the joining entity owes to members of the joined group would not be excluded under subsection (1) or (1A) even though the standards or statements require that they be eliminated in consolidated accounts of a parent entity and its subsidiaries.

S 705-70(1A) amended by No 56 of 2010, s 3 and Sch 5 item 96, by substituting " the *accounting principles " for " those *accounting standards or statements " , applicable on and after 10 February 2010.

S 705-70(1A) inserted by No 90 of 2002, s 3 and Sch 2 item 25, 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 705-70(1B) inserted by No 14 of 2018, s 3 and Sch 1 item 7, effective 1 April 2018 and applicable in relation to an accounting liability of an entity that becomes a subsidiary member of a consolidated group or MEC group under an arrangement that commences on or after the start of the day on which the Bill that became this Act was introduced into the House of Representatives. See note under s 716-440 .

S 705-70(1C) inserted by No 14 of 2018, s 3 and Sch 1 item 7, effective 1 April 2018 and applicable in relation to an accounting liability of an entity that becomes a subsidiary member of a consolidated group or MEC group under an arrangement that commences on or after the start of the day on which the Bill that became this Act was introduced into the House of Representatives. See note under s 716-440 .

S 705-70(1AA) inserted by No 14 of 2018, s 3 and Sch 1 item 1, effective 1 April 2018 and applicable in relation to an entity that becomes a subsidiary member of a consolidated group or MEC group if the arrangement under which the entity becomes a subsidiary member of the group commences on or after 1 July 2016. See note under s 716-440 .

S 705-70(1AB) inserted by No 14 of 2018, s 3 and Sch 1 item 1, effective 1 April 2018 and applicable in relation to an entity that becomes a subsidiary member of a consolidated group or MEC group if the arrangement under which the entity becomes a subsidiary member of the group commences on or after 1 July 2016. See note under s 716-440 .

S 705-70(1AC) amended by No 52 of 2024, s 3 and Sch 6 item 17, by substituting para (c), effective 1 July 2024. For application and transitional provisions, see note under s 321-20 . Para (c) formerly read:

(c) the liability is any of the following:

(i) the outstanding claims liability of a *general insurance company, or a private health insurer (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 ), under *general insurance policies;

(ii) the unearned premium liability of a general insurance company, or a private health insurer (within the meaning of that Act), under general insurance policies;

(iii) the unexpired risk liability of a general insurance company, or a private health insurer (within the meaning of that Act), under general insurance policies; or

S 705-70(1AC) inserted by No 14 of 2018, s 3 and Sch 1 item 1, effective 1 April 2018 and applicable in relation to an entity that becomes a subsidiary member of a consolidated group or MEC group if the arrangement under which the entity becomes a subsidiary member of the group commences on or after 1 July 2016. See note under s 716-440 .

S 705-70(1AD) inserted by No 14 of 2018, s 3 and Sch 1 item 1, effective 1 April 2018 and applicable in relation to an entity that becomes a subsidiary member of a consolidated group or MEC group if the arrangement under which the entity becomes a subsidiary member of the group commences on or after 1 July 2016. See note under s 716-440 .

S 705-70(3) inserted by No 56 of 2010, s 3 and Sch 5 item 97, applicable on and after 10 February 2010.

S 705-70(4) inserted by No 14 of 2018, s 3 and Sch 1 item 10, effective 1 April 2018. For application provision, see note under s 705-76 . See also note under s 716-440 .

S 705-70 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 ).