Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

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History

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 ).

Division 701 - Core rules  

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History

Div 701 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 ).

Supporting provisions  

SECTION 701-58   Effect of setting the tax cost of an asset that the head company does not hold under the single entity rule  

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701-58(1)    
This section applies if:

(a) the ^* tax cost of an asset was set at the time (the joining time ) an entity became a ^* subsidiary member of a ^* consolidated group, at the asset ' s ^* tax cost setting amount; and

(b) ignoring the operation of subsection 701-1(1) (the single entity rule), the entity held the asset at the joining time; and

(c) taking into account the operation of subsection 701-1(1) (the single entity rule), the ^* head company of the group did not hold the asset at the joining time.

Example:

A debt owed by a member of the group to the joining entity at the joining time.

701-58(2)    

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To avoid doubt, the asset ' s ^* tax cost setting amount mentioned in paragraph (1)(a) is not to be taken into account in applying the provisions mentioned in subsections 701-55(2) , (3) , (3A) , (4) , (5) , (5A) , (5C) , (5D) , and (6) in relation to the asset at and after the joining time.

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History

S 701-58(2) amended by No 99 of 2012, s 3 and Sch 3 item 5, by substituting " , (5C), (5D) " for " , (5C) " , effective 29 June 2012. For application provisions see note under s 701-55(5C) .

S 701-58(2) amended by No 132 of 2011, s 3 and Sch 2 item 39A, by inserting " (3A), " , effective 2 April 2012.

S 701-58(2) amended by No 56 of 2010, s 3 and Sch 5 item 3A, by inserting " , (5C) " , applicable on and after 1 July 2002. For transitional provision see note under Subdiv 716-S .

S 701-58(2) amended by No 15 of 2009 , s 3 and Sch 1 item 86, by substituting " subsections 701-55(2), (3), (4), (5), (5A) and (6) " for " subsections 701-55(2), (3), (4), (5) and (6) " , effective 26 March 2009. For application and transitional provisions see note under Div 230 heading.

S 701-58 inserted by No 83 of 2004.

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