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 701-32   No adjustment of amount of liabilities required in working out allocable cost amount  

701-32(1)    
This section has effect for the purposes of applying section 705-70 (step 2 of allocable cost amount) of the Income Tax Assessment Act 1997 in relation to a transitional entity.

701-32(2)    
In spite of subsection 705-70(1A) of that Act, if the amount of an accounting liability of the transitional entity would be different when it becomes an accounting liability of the transitional group, that difference is not taken into account in working out the amount of the liability.