Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-90
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CONSOLIDATED GROUPS
Division 705
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Tax cost setting amount for assets where entities become subsidiary members of consolidated groups
Subdivision 705-A
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Basic case: a single entity joining an existing consolidated group
Guide to Subdivision 705-A
SECTION 705-5 What this Subdivision is about
View history note
Hide history noteSECTION 705-5 What this Subdivision is about
When an entity becomes a subsidiary member of an existing consolidated group, the tax cost setting amount for its assets reflects the cost to the group of acquiring the entity.
| Application and object | |
| 705-10 | Application and object of this Subdivision |
| 705-15 | Cases where this Subdivision does not have effect |
| Tax cost setting amount for assets that joining entity brings into joined group | |
| 705-20 | Tax cost setting amount worked out under this Subdivision |
| 705-25 | Tax cost setting amount for retained cost base assets |
| 705-27 | Reduction in tax cost setting amount that exceeds market value of certain retained cost base assets |
| 705-30 | What is the joining entity ' s terminating value for an asset? |
| 705-35 | Tax cost setting amount for reset cost base assets |
| 705-40 | Tax cost setting amount for reset cost base assets held on revenue account etc. |
| 705-45 | Reduction in tax cost setting amount for accelerated depreciation assets |
| 705-47 | Reduction in tax cost setting amount for some privatised assets |
| 705-50 | (Repealed By No 56 of 2010 ) |
| 705-55 | Order of application of sections 705-40, 705-45 and 705-47 |
| 705-56 | Modification for tax cost setting in relation to leases |
| 705-56A | (Repealed by No 99 of 2012) |
| 705-57 | Adjustment to tax cost setting amount where loss of pre-CGT status of membership interests in joining entity |
| 705-58 | Assets and liabilities not set off against each other |
| 705-59 | Exception: treatment of linked assets and liabilities |
| How to work out the allocable cost amount | |
| 705-60 | What is the joined group ' s allocable cost amount for the joining entity? |
| 705-62 | No double counting of amounts in allocable cost amount |
| 705-65 | Cost of membership interests in the joining entity - step 1 in working out allocable cost amount |
| 705-70 | Liabilities of the joining entity - step 2 in working out allocable cost amount |
| 705-75 | Liabilities of the joining entity - reductions for purposes of step 2 in working out allocable cost amount |
| 705-76 | Liability arising from transfer or assignment of securitised assets |
| 705-80 | Liabilities of the joining entity - reductions/increases for purposes of step 2 in working out allocable cost amount |
| 705-85 | Liabilities of the joining entity - increases for purposes of step 2 in working out allocable cost amount |
| 705-90 | Undistributed, taxed profits accruing to joined group before joining time - step 3 in working out allocable cost amount |
| 705-93 | If pre-joining time roll-over from foreign resident company or head company - step 3A in working out allocable cost amount |
| 705-95 | Pre-joining time distributions out of certain profits - step 4 in working out allocable cost amount |
| 705-100 | Losses accruing to joined group before joining time - step 5 in working out allocable cost amount |
| 705-105 | Continuity of holding membership interests - steps 3 to 5 in working out allocable cost amount |
| 705-110 | If joining entity transfers a loss to the head company - step 6 in working out allocable cost amount |
| 705-115 | If head company becomes entitled to certain deductions - step 7 in working out allocable cost amount |
| 705-120 | (Repealed by No 90 of 2002) |
| How to work out a pre-CGT factor for assets of joining entity | |
| 705-125 | Pre-CGT proportion for joining entity |
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