Income Tax Assessment Act 1997
View history note
Hide history noteThis section applies if:
(a) an entity (the joining entity ) becomes a *subsidiary member of a *consolidated group at a time (the joining time ); and
(b) taking into account the operation of subsection 701-1(1) (the single entity rule), the *head company of the group held an asset at the joining time because the joining entity became a subsidiary member of the group; and
(c) the asset is a reset cost base asset at the joining time (within the meaning of section 705-35 ); and
(d) in working out the asset's *tax cost setting amount, the currency exchange rate of a particular *foreign currency is taken into account in determining the *market value of the asset.
715-370(2)
For the purposes of Division 775 , determine the extent of any *currency exchange rate effect after the joining time in relation to the asset, by reference to the currency exchange rate for the *foreign currency at the joining time.
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