Tax Laws Amendment (2012 Measures No. 2) Act 2012 (99 of 2012)

Schedule 3  

Part 1   Pre rules

Income Tax Assessment Act 1997

10   Section 716-410

Repeal the section, substitute:

716-410 Rights to amounts that are expected to be included in assessable income after joining time

This section covers an asset at a time if:

(a) the asset is a *right to future income; and

(b) the asset is held by an entity just before the time (the joining time ) it became a *subsidiary member of a *consolidated group; and

(c) it is reasonable to expect that an amount attributable to the asset will be included in the assessable income of the entity or any other entity after the joining time; and

(d) Division 230 does not apply in relation to the asset (disregarding section 230-455).