Income Tax (Transitional Provisions) Act 1997
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Hide history noteSECTION 701C-25 Application and object of this Subdivision
Application
701C-25(1)
This Subdivision applies if an entity (the transitional foreign-held joining entity ) that is a transitional foreign-held subsidiary or a transitional foreign-held indirect subsidiary becomes a subsidiary member of a consolidated group at the time (the formation time ) the group comes into existence.
Object
701C-25(2)
The object of this Subdivision is to ensure that, on becoming a subsidiary member at the formation time, the tax cost of the assets of any transitional foreign-held subsidiary is not set and that the tax cost setting amount for assets of any transitional foreign-held indirect subsidiary that becomes a subsidiary member at that time takes account of this.
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