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

Schedule 5   Consolidation

Part 6   Phasing out over-depreciation adjustments

2   Division 2 - Repeal of section 705-50 with effect from 1 July 2009

Income Tax Assessment Act 1997

70   Subsection 716-340(8) (note)

Repeal the note, substitute:

Note: Subsections (6), (7) and (8) can affect the working out of the tax cost setting amount for the in-house software, by affecting the joining entity's terminating value for the software, which section 705-30 defines as being the adjustable value of the software just before the joining time, and which is relevant to sections 705-40 and 705-57 (which may reduce the tax cost setting amount for the software).