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 705 - Tax cost setting amount for assets where entities become subsidiary members of consolidated groups  

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History

Div 705 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 ).

Subdivision 705-B - Case of group formation  

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History

Subdiv 705-B inserted by No 90 of 2002, s 3 and Sch 3 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 ).

Application and object

SECTION 705-135   Application and object of this Subdivision  

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Application

705-135(1)    
This Subdivision has effect for the head company core purposes set out in subsection 701-1(2) if one or more entities become ^* subsidiary members of a ^* consolidated group at the time (the formation time ) it comes into existence as a consolidated group.

Note:

This is the first exception to Subdivision 705-A : see paragraph 705-15(a) .

Object

705-135(2)    
The object of this Subdivision is to modify the rules in Subdivision 705-A (which basically determine the tax cost setting amount for assets of an entity joining an existing ^* consolidated group) so that they have effect, and take account of different circumstances that apply, when a consolidated group comes into existence.

Note:

The main circumstance is where one of the entities has membership interests in another. In such a case, the order in which the rules in Subdivision 705-A are applied will affect the tax cost setting amounts for the assets of the entities.

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History

S 705-135 inserted by No 90 of 2002, s 3 and Sch 3 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 ).

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