Taxation Determination

TD 2004/55A - Addendum

Income tax: consolidation tax cost setting rules: step 3 of the allocable cost amount: is the 'retained profits' amount referred to in subsection 705-90(2) of the Income Tax Assessment Act 1997 a cumulative retained profits balance?

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Addendum

This Addendum amends Taxation Determination TD 2004/55 to reflect the repeal of paragraph 705-90(6)(b) of the Income Tax Assessment Act 1997 by the Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005) by deleting references to the repealed paragraph and correcting references to renumbered paragraph 705-90(6)(a) (now subsection 705-90(6)).

TD 2004/55 is amended as follows:

1. Paragraph 1

In the last sentence omit 'paragraph 705-90(6)(a) and reduced by paragraph 705-90(6)(b)'; substitute 'subsection 705-90(6)'.

2. Legislative References

(a) Omit 'ITAA 1997 705-90(6)(a)'; substitute 'ITAA 1997 705-90(6)'.

(b) Omit 'ITAA 1997 705-90(6)(b)'.

This Addendum applies on and from 1 July 2002.

Commissioner of Taxation
16 August 2006

References

ATO references:
NO 2005/18404

Related Rulings/Determinations:

TD 2004/55