Tax Laws Amendment (2012 Measures No. 2) Act 2012 (99 of 2012)

Schedule 3  

Part 3   Prospective rules

Income Tax Assessment Act 1997

28   Subsection 701-55(5C)

Repeal the subsection, substitute:

WIP amount assets

(5C) If:

(a) the asset’s tax cost is set because an entity becomes a *subsidiary member of a *consolidated group at the particular time; and

(b) the asset is a *WIP amount asset;

the expression means that section 25-95 applies as if the *head company had paid a *work in progress amount for the income year in which the particular time occurs equal to the *tax cost setting amount of the asset.