New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)
Schedule 4 Consolidation: adjustments for errors etc.
Part 2 Consequential amendments
Income Tax Assessment Act 1997
3 Section 104-5 (at the end of the table)
Add:
|
L6 Error in calculation of tax cost setting amount for joining entity's assets: CGT event L6 [See section 104-525] |
start of the income year when the Commissioner becomes aware of the errors |
the net overstated amount resulting from the errors, or a portion of that amount |
the net understated amount resulting from the errors, or a portion of that amount |
|
L7 Discharged amount of liability differs from amount for allocable cost amount purposes: CGT event L7 [See section 104-530] |
start of the income year in which the liability is realised |
your allocable cost amount less what it would have been had you used the correct amount for the liability |
what your allocable cost amount would have been had you used the correct amount for the liability less your allocable cost amount |