Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 1   Consolidation

Part 3   Finance leases

Income Tax Assessment Act 1997

7   After subsection 711-45(2)


Exclusion where liability is obligation to make finance lease payments

(2A) An amount is not to be added for an accounting liability that is the leaving entity's obligation as lessee to make lease payments under a lease, if:

(a) subsection 705-56(4) applied in relation to the liability, at a time when an entity (whether the leaving entity or another entity) became a *subsidiary member of the old group; and

(b) the liability was not taken into account under subsection 705-70(1) at that time, because of paragraph 705-56(4)(b).