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

Schedule 5   Consolidation

Part 7   Leaving time liabilities

1   Division 1 - Timing

Income Tax Assessment Act 1997

81   Subsection 711-20(1) (cell at table item 4, column headed "What the step requires")

Omit:

(a) the liabilities that the leaving entity takes with it when it ceases to be a *subsidiary member; and

Substitute:

(a) the leaving entity's liabilities just before the leaving time; and