New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 21   Consolidation: CGT events relating to various cost base provisions

Income Tax Assessment Act 1997

2   Section 104-5 (after table row relating to event number L1)

Insert:

L2 Amount remaining after step 3A etc. of joining allocable cost amount is negative

[See section 104-505]

Just after entity becomes subsidiary member

amount remaining

no capital loss

L3 Tax cost setting amounts for retained cost base assets exceed joining allocable cost amount

[See section 104-510]

Just after entity becomes subsidiary member

amount of excess

no capital loss

L4 No reset cost base assets against which to apply excess of net allocable cost amount on joining

[See section 104-515]

Just after entity becomes subsidiary member

no capital gain

amount of excess

L5 Amount remaining after step 4 of leaving allocable cost amount is negative

[See section 104-520

When entity ceases to be subsidiary member

amount remaining

no capital loss


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