New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 (90 of 2002)

Schedule 2   Consolidation: miscellaneous changes to asset cost provisions

Income Tax Assessment Act 1997

5   Paragraph 701-70(3)(a)

Repeal the paragraph, substitute:

(a) the following income year (the joining adjustment year ):

(i) if the combining entity is the*head company and the joining time occurs at the start of an income year - the income year before that income year; or

(ii) if the combining entity is the head company and subparagraph (i) does not apply - the income year in which the joining time occurs; or

(iii) in any other case - the income year that ends, or, if section 701-30 applies, the income year that is taken by subsection (3) of that section to end, at the joining time; and