Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 711 - Tax cost setting amount for membership interests where entities cease to be subsidiary members of consolidated groups  

Tax cost setting amount for membership interests etc.  

SECTION 711-40  

711-40   Liabilities owed to the leaving entity by members of the old group - step 3 in working out allocable cost amount  


For the purposes of step 3 in the table in subsection 711-20(1) , the step 3 amount is the total, for all liabilities owed by *members of the old group to the leaving entity at the leaving time, of the *tax cost setting amounts of the corresponding assets of the leaving entity.
Note:

The tax cost of a corresponding asset of the leaving entity is set under section 701-45 . The tax cost setting amount of the corresponding asset is determined under section 701-60A .


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