New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 (90 of 2002)

Schedule 2   Consolidation: miscellaneous changes to asset cost provisions

Income Tax Assessment Act 1997

12   Paragraph 701-80(3)(a)

Repeal the paragraph, substitute:

(a) the entity*acquired, at or before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999, a*depreciating asset to which Division 40 applies and held the asset continuously until the entity became a*subsidiary member of the group; and