Income Tax Assessment Act 1997
View history note
Hide history noteThe asset ' s tax cost setting amount is worked out using this table.
| Tax cost setting amount | ||
| Item | If the asset ' s tax cost is set by: | The asset ' s tax cost setting amount is: |
| 1 | section 701-10 (Cost to head company of assets of joining entity) | the amount worked out in accordance with Division 705 |
| 2 | section 701-15 (Cost to head company of membership interests in entity that leaves group) | the amount worked out in accordance with section 711-15 or 711-55 |
| 3 | section 701-20 (Cost to head company of assets consisting of certain liabilities owed by entity that leaves group) | the *market value of the asset |
| 3A | section 701-45 (Cost of assets consisting of liabilities owed to entity by members of the group) | the amount worked out in accordance with section 701-60A |
| 4 | section 701-50 (Cost of certain membership interests of which entity becomes holder on leaving group) | the amount worked out in accordance with section 711-55 |
Note 1:
The tax cost setting amount of certain interests in partnership assets is worked out under Subdivision 713-E .
Note 2:
The tax cost setting amount of certain assets of a life insurance company is worked out under Subdivision 713-L .
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