Taxation Laws Amendment Act (No. 8) 2003 (107 of 2003)

Schedule 2   Various amendments relating to consolidated groups

Part 4   Replacement of continuity of ownership test for retention of accelerated depreciation

Income Tax Assessment Act 1997

12   Paragraph 705-45(a)

Repeal the paragraph, substitute:

(a) an asset of the joining entity is a *depreciating asset to which Division 40 applies; and

(aa) just before the entity became a subsidiary member, subsection 40-10(3) or 40-12(3) of the Income Tax (Transitional Provisions) Act 1997 applied for the purposes of the joining entity working out the asset's decline in value under Division 40; and

Note: The effect of those subsections was to preserve an entitlement to accelerated depreciation.