Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)
Schedule 2 Consolidation etc.
Part 4 Cost setting for assets that the head company does not hold under the single entity rule
Income Tax Assessment Act 1997
11 Subsection 701-10(2)
Omit "each asset that becomes an asset of the *head company because subsection 701-1(1) (the single entity rule) applies", substitute "each asset that would be an asset of the entity at the time it becomes a *subsidiary member of the group, assuming that subsection 701-1(1) (the single entity rule) did not apply".
Note: The heading to section 701-10 is replaced by the heading " Cost to head company of assets of joining entity ".