Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)
Schedule 1 Consolidation
Part 9 Transitional treatment of tax liabilities for allocable cost amount and CGT purposes
Income Tax (Transitional Provisions) Act 1997
25 After section 701-30
701-32 No adjustment of amount of liabilities required in working out allocable cost amount
(1) This section has effect for the purposes of applying section 705-70 (step 2 of allocable cost amount) of the Income Tax Assessment Act 1997 in relation to a transitional entity.
(2) In spite of subsection 705-70(1A) of that Act, if the amount of an accounting liability of the transitional entity would be different when it becomes an accounting liability of the transitional group, that difference is not taken into account in working out the amount of the liability.
701-34 CGT event L7 does not happen in respect of certain liabilities
CGT event L7 does not happen if the liability mentioned in section 104-530 of the Income Tax Assessment Act 1997 is one that satisfies the conditions in section 701-32 of this Act.