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 711 - Tax cost setting amount for membership interests where entities cease to be subsidiary members of consolidated groups  

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History

Div 711 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 ).

Tax cost setting amount for membership interests etc.  

SECTION 711-10  

711-10   Tax cost setting amount worked out under this Division  

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If this Division applies, the amount of the following is worked out under the Division:

(a) the ^* tax cost setting amount for the purposes of item 2 in the table in section 701-60 for each ^* membership interest in the leaving entity that ^* members of the old group held; and

(b) if 2 or more entities cease to be ^* subsidiary members of the group at the same time because of an event happening in relation to one of them - the tax cost setting amount for the purposes of item 4 in the table in that section for each membership interest that the leaving entity holds in any of the other entities.

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History

S 711-10 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 ).

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