Taxation Determination

TD 2007/27A1 - Addendum

Income tax: consolidation: is the cost base of the goodwill referred to in subsection 711-25(2) of the Income Tax Assessment Act 1997 limited to the cost base of goodwill previously identified under subsection 705-35(3) of that Act?

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Addendum

This Addendum amends Taxation Determination TD 2007/27 to reflect the amendments introduced by Schedule 5 of the Tax Laws Amendment (2010 Measures No. 1) Act 2010.

TD 2007/27 is amended as follows:

1. Paragraph 16

Omit the third sentence; substitute:

The first step in working out the tax cost setting amount for membership interests under subsection 711-25(1) (the step 1 amount) is to add up the terminating values of the leaving entity's assets.

2. Legislative references

Omit:

-

ITAA 1997 Part 3-1

-

ITAA 1997 Part 3-90

Insert:

-

ITAA 1997 Pt 3-1

-

ITAA 1997 Pt 3-90

This Addendum applies on and after 10 February 2010, the date of application of the amendments to the Income Tax Assessment Act 1997 made by Division 1 of Part 7 of Schedule 5 to the Tax Laws Amendment (2010 Measures No. 1) Act 2010.

Commissioner of Taxation
16 March 2011

References

ATO references:
NO 1-2BND6HC