INCOME TAX ASSESSMENT ACT 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 820 - Thin capitalisation rules  

Subdivision 820-G - Calculating the average values  

Special rules about values and valuation

SECTION 820-682   Recognition of assets and liabilities - modifying application of accounting standards  

Deferred tax assets and deferred tax liabilities

820-682(1)  
Despite subsections 820-680(1) and (1A) , an entity must not recognise:


(a) a deferred tax liability (within the meaning of the *accounting standards) as a liability for the purposes of this Division; or


(b) a deferred tax asset (within the meaning of the accounting standards) as an asset for the purposes of this Division.

Note:

Subsections 820-680(1) and (1A) require compliance with accounting standards.

Surpluses and deficits in defined benefit superannuation plans

820-682(2)  
Despite subsections 820-680(1) and (1A) , an entity must not recognise an amount relating to a defined benefit plan (within the meaning of the *accounting standards) as:


(a) a liability for the purposes of this Division; or


(b) an asset for the purposes of this Division.

Note:

Subsections 820-680(1) and (1A) require compliance with accounting standards.

Not applicable to ADIs

820-682(3)  
This section does not apply in relation to an entity for a period if, for the period, the entity is an *outward investing entity (ADI) or an *inward investing entity (ADI). Not applicable to records about Australian permanent establishments

820-682(4)  
This section does not apply for the purposes of section 820-960 .


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