Taxation Determination

TD 2007/18A1 - Addendum

Income tax: consolidation: in applying the statutory cap in section 705-40 (tax cost setting amount for reset cost base assets held on revenue account) of the Income Tax Assessment Act 1997, does the definition of revenue asset in section 977-50 of that Act include any CGT asset, a hypothetical realisation of which would have an amount reflected in the joining entity's taxable income (disregarding the single entity rule), otherwise than solely as a capital gain or capital loss?

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Addendum

This Addendum is a public ruling for the purposes of the Taxation Administration Act 1953. It amends Taxation Determination TD 2007/18 to:

•

update the reference from Subdivision 124-G of the Income Tax Assessment Act 1997 to Division 615 as a result of legislative amendment, and

•

update other references as required.

TD 2007/18 is amended as follows:

1. Paragraph 7

Before '7 ATR 757'; insert (1977)'.

2. Footnote 4

Omit 'TR 2006/D12, when finalised, will set'; substitute 'TR 2007/7 sets'.

3. Paragraph 15

Omit 'Subdivision 124-G'; substitute 'Division 615'.

4. Footnote 23

Before '7 ATR 716'; insert '(1977)'.

5. Footnote 25

Before '15 ATD 173'; insert '(1968)'.

6. Related Rulings/Determinations

Omit 'TR 2006/D12'; substitute 'TR 2007/7'.

7. Legislative References

Omit:

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ITAA 1997 6-1(1)

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ITAA 1997 Subdiv 124-G

Insert:

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ITAA 1997

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ITAA 1997 Div 615

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ITAA 1997 705-30

8. Case References

(a) Before '7 ATR 716'; insert '(1977)'.

(b) Before '7 ATR 757'; insert '(1977)'.

(c) Before '15 ATD 173'; insert '(1968)'.

This Addendum applies on and from 10 May 2011.

Commissioner of Taxation
18 February 2015

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References

ATO references:
NO 1-6AI9L2O