New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)
Schedule 4 Consolidation: adjustments for errors etc.
Part 2 Consequential amendments
Income Tax Assessment Act 1997
3 Section 104-5 (at the end of the table)
Add:
|
L6 Error in calculation of tax cost setting amount for joining entity's assets: CGT event L6 [See section 104-525] |
start of the income year when the Commissioner becomes aware of the errors |
the net overstated amount resulting from the errors, or a portion of that amount |
the net understated amount resulting from the errors, or a portion of that amount |
|
L7 Discharged amount of liability differs from amount for allocable cost amount purposes: CGT event L7 [See section 104-530] |
start of the income year in which the liability is realised |
your allocable cost amount less what it would have been had you used the correct amount for the liability |
what your allocable cost amount would have been had you used the correct amount for the liability less your allocable cost amount |
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
