Taxation Determination
TD 2004/53A - Addendum
Income tax: consolidation tax cost setting rules: are distributions paid up a chain of entities sourced from profits in a lower-tier entity that did not accrue to the joined group added at step 3 of the entry allocable cost amount of the higher-tier entity?
-
Please note that the PDF version is the authorised version of this ruling.View the consolidated version for this notice.
FOI status:
may be releasedAddendum
This Addendum amends Taxation Determination TD 2004/53 to reflect the repeal of paragraph 705-90(6)(b) of the Income Tax Assessment Act 1997 by the Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005), by deleting references to the repealed paragraph and correcting references to renumbered paragraph 705-90(6)(a) (now subsection 705-90(6)). An incorrectly numbered reference to an example is also corrected.
TD 2004/53 is amended as follows:
In the last sentence omit 'paragraph 705-90(6)(a)'; substitute 'subsection 705-90(6)'.
In the last sentence omit 'Example 1 and Example 2'; substitute 'Example 2 and Example 3'.
In Table 3, omit:
| * paragraph 705-90(6)(a) extent undistributed profits accrued to joined group: 0 | 0 |
| LESS * paragraph 705-90(6)(b) extent of the undistributed profits accrued to joined group that recouped losses accrued to group: (0) |
0 |
substitute:
| * subsection 705-90(6) extent to which undistributed profits accrued to the joined group: 0 | 0 |
Omit 'paragraph 705-90(6)(a)'; substitute 'subsection 705-90(6)'.
Omit '(a)' after 'subsection 705-90(6)'.
In Table 3, omit:
| LESS * owned profits that recouped owned losses |
0 |
Omit 'paragraph 705-90(6)(a)'; substitute 'subsection 705-90(6)'.
(a) Omit 'ITAA 1997 705-90(6)(a)'; substitute 'ITAA 1997 705-90(6)'.
(b) Omit 'ITAA 1997 705-90(6)(b)'.
This Addendum applies on and from 1 July 2002.
Commissioner of Taxation
16 August 2006
References
ATO references:
NO 2005/18404