Taxation Laws Amendment Act (No. 5) 2003 (142 of 2003)
Schedule 3 Thin Capitalisation: amendments taking effect on 1 July 2003
Part 2 Assets and liabilities
Income Tax Assessment Act 1997
17 After subsection 820-680(1)
Insert:
(1A) In particular, for the purposes of this Division, the entity has an asset or liability at a particular time if, and only if, according to the *accounting standards, the asset or liability can or must be recognised at that time.
Requirements for revaluation of assets
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