Taxation Determination

TD 2004/55A2 - 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 amendments introduced by Schedule 5 to the Tax Laws Amendment (2010 Measures No. 1) Act 2010.

TD 2004/55 is amended as follows:

1. Paragraph 1

(a) Omit 'if that statement was prepared as'.

(b) Insert footnote after '(ITAA 1997)':

1 All legislative references are to the ITAA 1997 unless otherwise indicated.

2. Paragraph 3

(a) Omit 'statements of accounting concepts'; substitute 'if there are no accounting standards applicable to the matter, authoritative pronouncements of the Australian Accounting Standards Board that apply to the preparation of financial statements'.

(b) Omit 'if that statement were prepared as'.

This Addendum applies on and from 10 February 2010, the date of application of the amendments to the Income Tax Assessment Act 1997 by Part 8 of Schedule 5 to the Tax Laws Amendment (2010 Measures No. 1) Act 2010.

Commissioner of Taxation
23 March 2011

References

ATO references:
NO 1-2IB21F8