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 713 inserted by No 117 of 2002, s 3 and Sch 5 item 6, 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 713-E inserted by No 67 of 2003, s 3 and Sch 4 item 1, 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S 713-230 repealed by No 56 of 2010, s 3 and Sch 5 item 67, applicable in relation to entities that become members of a consolidated group or MEC group on or after 1 July 2009. S 713-230 formerly read:

SECTION 713-230 Reduction in allocable cost amount if partnership asset is over-depreciated  
713-230(1)
The object of this section is to reduce the group's allocable cost amount for the joining entity, if one or more assets of the partnership are ^* over-depreciated at the joining time. The amount of the reduction is calculated under section 705-50 in relation to the joining entity's ^* partnership cost setting interests (the reduction interests ) relating to those assets.

713-230(2)
Reduce the allocable cost amount mentioned in subsection 713-225(5) by the reduction amount worked out under subsection (3).

713-230(3)
The reduction amount is the total of the amounts that would be reduced under section 705-50 for all the reduction interests if:

(a) this Subdivision did not include subsection 713-225(5) or this section; and

(b) subsection 713-225(4) did not apply to any of the reduction interests; and

Note:

This means that the reduction interests would be treated as over-depreciated assets, in accordance with subsection 713-225(2).

(c) the ^* adjustable value of a particular reduction interest were equal to its individual share of the adjustable value of the asset of the partnership to which it relates; and

(d) the ^* cost of the interest were equal to its individual share of the cost of the asset of the partnership to which it relates; and

(e) section 705-50 did not include subsection 705-50(4).

S 713-230 inserted by No 67 of 2003, s 3 and Sch 4 item 1, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).