Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 1   Consolidation

Part 3   Finance leases

Income Tax Assessment Act 1997

6   At the end of section 711-30

Add:

(3) However, that amount is the asset's *market value at the leaving time if:

(a) the asset (the receivable ) is a right to receive lease payments under a lease; and

(b) the receivables *tax cost was set when an entity (whether the leaving entity or another entity) became a *subsidiary member of the old group; and

(c) the receivable was taken to be a *retained cost base asset for the purposes of Division 705 when its tax cost was set, because of paragraph 705-56(3)(b).