Treasury Laws Amendment (Income Tax Consolidation Integrity) Act 2018 (14 of 2018)
Schedule 1 Consolidation
Part 2 Deferred tax liabilities
Income Tax Assessment Act 1997
7 Subsection 705-70(1A)
Repeal the subsection, substitute:
Exclusion for deferred tax liability
(1B) An amount is not to be added for an accounting liability that is an amount recorded in a deferred tax liability account in accordance with the joining entity's *accounting principles for tax cost setting.
(1C) Subsection (1B) does not apply to an accounting liability that relates to an asset mentioned in paragraph 713-515(1)(a) or (b) (certain assets of life insurance company).