11. Consolidation deductions relating to rights to future income, consumable stores and work in progress

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This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

End of attention

Only complete this item if the head company of a consolidated group or a MEC group has claimed in this income year at item 6 Calculation of total profit or loss or item 7 Reconciliation to taxable income or loss, all or part of the tax cost setting amount of:

• work in progress (WIP) amount assets under subsection 701-55(5C) of the ITAA 1997 prospective rules, or
• consumable stores under subsection 701-55(5D) of the ITAA 1997 prospective rules.

The prospective rule amendments, as made by Tax Laws Amendment (2012 Measures No.2) Act 2012 Schedule 3 Part 3, apply, for Division 705 and section 701-55 of the ITAA 1997 purposes, to all entities (or more specifically the assets of all entities) that join a consolidated or MEC group on or after 31 March 2011 (under the Division 705 entry asset cost setting rules).

F – Prospective rules deductions

Write at F the total amount the company has claimed in 2020–21 under the prospective rules at another item in 6 Calculation of total profit or loss or 7 Reconciliation to taxable income or loss for the tax cost setting amount of:

• work in progress (WIP) amount assets under 701-55(5C) (and section 25-95) of the prospective rules
• consumable stores under 701-55(5D) of the prospective rules.

Next step:

• 12. National rental affordability scheme