Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 701 - Modified application of provisions of Income Tax Assessment Act 1997 for certain consolidated groups formed in 2002-03 and 2003-04 financial years  

Subdivision 701-B - Modified application of provisions  

SECTION 701-15  

701-15   Tax cost and trading stock value not set for assets of chosen transitional entities  

Section 701-10 (cost to head company of assets of joining entity) and subsection 701-35(4) (setting value of trading stock at tax-neutral amount) of the Income Tax Assessment Act 1997 do not apply to the assets of a chosen transitional entity.

Note:

The fact that the head company inherits the entity's history under section 701-5 of that Act when the entity becomes a subsidiary member of the group means that the entity's assets would be treated as having the same cost as they would for the entity at that time.