Taxation Laws Amendment Act (No. 5) 2003 (142 of 2003)

Schedule 3   Thin Capitalisation: amendments taking effect on 1 July 2003

Part 2   Assets and liabilities

Income Tax Assessment Act 1997

17   After subsection 820-680(1)

Insert:

(1A) In particular, for the purposes of this Division, the entity has an asset or liability at a particular time if, and only if, according to the *accounting standards, the asset or liability can or must be recognised at that time.

Requirements for revaluation of assets