Tax Laws Amendment (2012 Measures No. 2) Act 2012 (99 of 2012)
Schedule 3
Part 2 Interim rules
Income Tax Assessment Act 1997
15 Subsection 701-55(5C)
Repeal the subsection, substitute:
Rights to future amounts
(5C) If:
(a) the assets tax cost is set because an entity becomes a *subsidiary member of a *consolidated group at the particular time; and
(b) section 716-410 (rights to amounts that are expected to be included in assessable income) covers the asset at the particular time; and
(c) the asset is not a *non-deductible right to future income in relation to the entity;
the expression means that section 716-405 may apply in relation to the asset after the particular time.
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