Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

View history reference

 View history note

 Hide history note

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  

View history reference

 View history note

 Hide history note

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-A - Basic case: a single entity joining an existing consolidated group  

View history reference

 View history note

 Hide history note

History

Subdiv 705-A 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 ).

How to work out the allocable cost amount

SECTION 705-95  

705-95   Pre-joining time distributions out of certain profits - step 4 in working out allocable cost amount  

View history reference

For the purposes of step 4 in the table in section 705-60 , the step 4 amount is the sum of all distributions made by the joining entity before the joining time that:

(a) the ^* head company receives directly, or would receive indirectly if entities interposed between the head company and the joining entity successively distributed any distribution they received immediately after receiving it; and

(b) were made out of profits:

(i) that did not accrue to the joined group before the joining time (see subsection 705-90(7) ); or

(ii) that accrued to the joined group before the joining time and recouped losses of any ^* sort that accrued to the joined group before that time (see subsection 705-90(8) ).

Note:

As well as subsection 705-90(7) , paragraph 705-90(9) (b) and subsection 705-90(10) are relevant to working out whether or not profits accrued to the joined group before the joining time.

View history reference

 View history note

 Hide history note

History

S 705-95 amended by No 23 of 2005.

S 705-95 amended by No 90 of 2002, s 3 and Sch 2 items 29 and 30, by substituting " 705-90(7) " for " 705-90(5) " in para (b)(i) and " 705-90(8) " for " 705-90(4) " in para (b)(ii), effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

S 705-95 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 ).

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.