Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 5   Consolidation

Part 13   Reduction in tax cost setting amount that exceeds market value of certain retained cost base assets

Income Tax Assessment Act 1997

133   Paragraph 705-35(1)(b)

Omit "in accordance with section 705-25".

134 Application provision

(1) The amendments made by this Part apply in relation to entities that become members of a consolidated group or MEC group on or after:

(a) if the head company of the group makes a choice in accordance with subitems (2) and (3) - 1 July 2002; or

(b) otherwise - the day on which the Bill that became this Act was introduced into the House of Representatives.

(2) A choice mentioned in paragraph (1)(a) must be made:

(a) on or before 30 June 2011; or

(b) within a further time allowed by the Commissioner.

(3) A choice mentioned in paragraph (1)(a) must be made in writing.