New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)
Schedule 21 Consolidation: CGT events relating to various cost base provisions
Income Tax Assessment Act 1997
2 Section 104-5 (after table row relating to event number L1)
Insert:
|
L2 Amount remaining after step 3A etc. of joining allocable cost amount is negative [See section 104-505] |
Just after entity becomes subsidiary member |
amount remaining |
no capital loss |
|
L3 Tax cost setting amounts for retained cost base assets exceed joining allocable cost amount [See section 104-510] |
Just after entity becomes subsidiary member |
amount of excess |
no capital loss |
|
L4 No reset cost base assets against which to apply excess of net allocable cost amount on joining [See section 104-515] |
Just after entity becomes subsidiary member |
no capital gain |
amount of excess |
|
L5 Amount remaining after step 4 of leaving allocable cost amount is negative [See section 104-520 |
When entity ceases to be subsidiary member |
amount remaining |
no capital loss |