Taxation Laws Amendment Act (No. 6) 2003 (67 of 2003)

Schedule 3   Consolidation: treatment of linked assets and liabilities

Income Tax Assessment Act 1997

2   Subsection 705-35(1) (after note 1)

Insert:

Note 1A: If a set of linked assets and liabilities includes one or more reset cost base assets, section 705-59 may affect how this section applies. In particular, that section may exclude the application of paragraph 705-35(1)(b) to retained cost base assets in the set; this in turn may affect the application of CGT event L3.