Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 820-682 Recognition of assets and liabilities - modifying application of accounting standards
Deferred tax assets and deferred tax liabilities
820-682(1)
Despite subsections 820-680(1) , (1A) and (2) , an entity must not recognise:
(a) a deferred tax liability (within the meaning of the *accounting standards) as a liability for the purposes of this Division; or
(b) a deferred tax asset (within the meaning of the accounting standards) as an asset for the purposes of this Division.
Note:
Subsections 820-680(1) and (1A) require compliance with accounting standards.
Surpluses and deficits in defined benefit superannuation plans
820-682(2)
Despite subsections 820-680(1) , (1A) and (2) , an entity must not recognise an amount relating to a defined benefit plan (within the meaning of the *accounting standards) as:
(a) a liability for the purposes of this Division; or
(b) an asset for the purposes of this Division.
Note:
Subsections 820-680(1) and (1A) require compliance with accounting standards.
Not applicable to ADIs
820-682(3)
This section does not apply in relation to an entity for a period if, for the period, the entity is an *outward investing entity (ADI) or an *inward investing entity (ADI).
Not applicable to records about Australian permanent establishments
820-682(4)
This section does not apply for the purposes of section 820-960 .
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