Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 701 - Core rules  

Supporting provisions  

SECTION 701-60   701-60   Tax cost setting amount  


The asset ' s tax cost setting amount is worked out using this table.


Graphic
Graphic
Tax cost setting amount
Item If the asset ' s tax cost is set by: The asset ' s tax cost setting amount is:
1 section 701-10 (Cost to head company of assets of joining entity) the amount worked out in accordance with Division 705
2 section 701-15 (Cost to head company of membership interests in entity that leaves group) the amount worked out in accordance with section 711-15 or 711-55
3 section 701-20 (Cost to head company of assets consisting of certain liabilities owed by entity that leaves group) the *market value of the asset
3A section 701-45 (Cost of assets consisting of liabilities owed to entity by members of the group) the amount worked out in accordance with section 701-60A
4 section 701-50 (Cost of certain membership interests of which entity becomes holder on leaving group) the amount worked out in accordance with section 711-55

Note 1:

The tax cost setting amount of certain interests in partnership assets is worked out under Subdivision 713-E .

Note 2:

The tax cost setting amount of certain assets of a life insurance company is worked out under Subdivision 713-L .


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