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
8 After subsection 711-45(1A)
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 leaving 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 713-575(2)(a) or (b) (certain assets of life insurance company).