INCOME TAX ASSESSMENT ACT 1997 (ARCHIVE)
View history note
Hide history noteSECTION 820-470 (ARCHIVE) Values to be based on what would be in consolidated accounts for group 820-470(1)
For the purposes of this Division as applying because of this Subdivision to a *resident TC group for an income year, the value or amount of a particular matter as at a particular time is to be worked out, so far as practicable, on the basis of the information that would be contained in a set of consolidated accounts:
(a) prepared, in accordance with the *accounting standard on consolidated accounts, as at that time; and
(b) covering the entities of which the group consisted at that time.
Note:
This subsection does not depend on whether such a set of consolidated accounts was prepared, or had to be prepared, for other purposes.
820-470(2)
To avoid doubt, subsection (1) also applies to working out the value or amount, as at a particular time, of a matter mentioned in any of sections 820-550 to 820-575 (for example, an entity's tier 1 capital (within the meaning of the *prudential standards) or *paid-up share capital).
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