Taxation Determination
TD 2004/59A - Addendum
Income tax: consolidation tax cost setting rules: how do you work out the amount subtracted at step 5 of the allocable cost amount where the loss taken into account under subsection 705-100(1) of the Income Tax Assessment Act 1997 has also reduced the step 3 amount?
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FOI status:
may be releasedAddendum
This Addendum amends Taxation Determination TD 2004/59 to reflect the repeal of paragraph 705-90(6)(b) of the Income Tax Assessment Act 1997 by the Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005) by deleting references to the repealed paragraph and correcting references to renumbered paragraph 705-90(6)(a) (now subsection 705-90)(6)).
TD 2004/59 is amended as follows:
(a) In Table 2, at 'Step 3' omit:
paragraph 705-90(6)(a)
substitute:
subsection 705-90(6)
(b) In Table 2, at 'Step 3' omit:
| Less | ||
| * paragraph 705-90(6)(b) extent to which subsection 705-90(6)(a) amount includes profits accrued to joined group that recouped losses accrued to group: (0) | (0) |
(a) In Table 4, at 'Step 3' omit:
paragraph 705-90(6)(a)
substitute:
subsection 705-90(6)
(b) In Table 4, at 'Step 3' omit:
| Less | ||
| * paragraph 705-90(6)(b) extent of the undistributed profits that accrued to joined group that recouped losses that accrued to the group: (0) | (0) |
(a) In Table 6, at 'Step 3' omit:
paragraph 705-90(6)(a)
substitute:
subsection 705-90(6)
(b) In Table 6, at 'Step 3' omit:
| Less | ||
| * paragraph 705-90(6)(b) extent of the undistributed profits that accrued to joined group that recouped losses: (0) | (0) |
(a) In Table 7, at 'Step 3' omit:
paragraph 705-90(6)(a)
substitute:
subsection 705-90(6)
(b) In Table 7, at 'Step 3' omit:
| Less | ||
| * paragraph 705-90(6)(b) extent of the undistributed profits accrued to the joined group that recouped losses accrued to the group: (0) | (0) |
(a) Omit 'ITAA 1997 705-90(6)(a)'; substitute 'ITAA 1997 705-90(6)'.
(b) Omit 'ITAA 1997 705-90(6)(b)'.
This Addendum applies on and from 1 July 2002.
Commissioner of Taxation
16 August 2006
References
ATO references:
NO 2005/18404
Related Rulings/Determinations:
TD 2004/59
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