New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002 (117 of 2002)

Schedule 5   Consolidation: allocable cost amount for a joining trust

Part 1   New provisions inserted in the Income Tax Assessment Act 1997

5   Subsection 711-70(5)

Repeal the link note, substitute:

Modification if leaving entity is a trust

(6) A*membership interest in a trust that is one of the multiple exit entities is not taken into account under this section unless the membership interest is either a unit or an interest in the trust.

[The next Division is Division 713.]

Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).