Taxation Ruling

TR 2007/7A1 - Addendum

Income tax: consolidation: errors in tax cost setting amounts of reset cost base assets

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Addendum

This Addendum amends Taxation Ruling TR 2007/7 to reflect the repeal of section 705-50 of the Income Tax Assessment Act 1997 by Schedule 5 to the Tax Laws Amendment (2010 Measures No. 1) Act 2010.

TR 2007/7 is amended as follows:

1. Paragraph 29

After 'section 705-50 of the ITAA 1997'; insert:

9A It is noted that section 705-50 of the ITAA 1997 is repealed effective from 1 July 2009. Therefore, the section does not apply where an entity becomes a subsidiary member of a consolidated group or a MEC group on or after this date.

This Addendum applies on and from 1 July 2009.

Commissioner of Taxation
2 March 2011

References

ATO references:
NO 1-2ECM6YW