New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 (90 of 2002)

Schedule 2   Consolidation: miscellaneous changes to asset cost provisions

Income Tax Assessment Act 1997

10   Paragraph 701-75(3)(a)

Repeal the paragraph, substitute:

(a) the following income year (the leaving adjustment year ):

(i) if the separating entity is the*head company - the income year in which the leaving time occurs; or

(ii) in any other case - the income year that starts, or, if section 701-30 applies, the income year that is taken by subsection (3) of that section to start, at the leaving time.