Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 5   Consolidation

Part 8   Accounting principles

Income Tax Assessment Act 1997

97   At the end of section 705-70

Add:

Joining entity's accounting principles for tax cost setting

(3) The joining entity's accounting principles for tax cost setting are the *accounting principles that the entity would use if it were to prepare its financial statements just before the joining time.