Taxation Determination

TD 2004/54W

Income tax: consolidation tax cost setting rules: is the amount of the adjustment under paragraph 705-90(6)(b) of the Income Tax Assessment Act 1997 different depending upon whether the recouped losses are economic or non-economic losses?

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FOI status:

Notice of Withdrawal

Taxation Determination TD 2004/54 is withdrawn with effect from 1 July 2002.

1. Taxation Determination TD 2004/54 was about adjustments under paragraph 705-90(6)(b) of the Income Tax Assessment Act 1997 being required irrespective of whether the recouped losses represented economic or non-economic losses.

2. TD 2004/54 is withdrawn as a result of the repeal of paragraph 705-90(6)(b) by Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005).

Commissioner of Taxation
16 August 2006

Previously issued as Draft TD 2004/D31

References

ATO references:
NO 2004/9657

Related Rulings/Determinations:

TR 92/20

Subject References:
ACA
accounting loss
accounting profit
acquired
allocable cost amount
consolidated group
consolidation
cost setting
losses
non-economic losses
owned
profits
recouped losses
retained profits
step 3
taxed profits
undistributed profits

Legislative References:
TAA 1953 Pt IVAAA
ITAA 1997 104-510
ITAA 1997 705-90(2)
ITAA 1997 705-90(3)
ITAA 1997 705-90(6)(a)
ITAA 1997 705-90(6)(b)