Tax Laws Amendment (2012 Measures No. 2) Act 2012 (99 of 2012)

Schedule 3  

Part 2   Interim rules

Income Tax Assessment Act 1997

15   Subsection 701-55(5C)

Repeal the subsection, substitute:

Rights to future amounts

(5C) If:

(a) the asset’s tax cost is set because an entity becomes a *subsidiary member of a *consolidated group at the particular time; and

(b) section 716-410 (rights to amounts that are expected to be included in assessable income) covers the asset at the particular time; and

(c) the asset is not a *non-deductible right to future income in relation to the entity;

the expression means that section 716-405 may apply in relation to the asset after the particular time.