Income Tax (Transitional Provisions) Act 1997
View history note
Hide history noteSection 701-10 (cost to head company of assets of joining entity) and subsection 701-35(4) (setting value of trading stock at tax-neutral amount) of the Income Tax Assessment Act 1997 do not apply to the assets of a chosen transitional entity.
Note:
The fact that the head company inherits the entity's history under section 701-5 of that Act when the entity becomes a subsidiary member of the group means that the entity's assets would be treated as having the same cost as they would for the entity at that time.
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