Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 5   Consolidation

Part 8   Accounting principles

Income Tax Assessment Act 1997

104   After subsection 711-45(1)

Insert:

Leaving entity's accounting principles for tax cost setting

(1A) The leaving entity's accounting principles for tax cost setting are the *accounting principles that the group would use if it were to prepare its financial statements just before the leaving time (disregarding subsection 701-1(1) (the single entity rule)).