INCOME TAX ASSESSMENT ACT 1997 - SECT 701.60 Tax cost setting amount
INCOME TAX ASSESSMENT ACT 1997 - SECT 701.60
Tax cost setting amountThe asset's tax cost setting amount is worked out using this table.
Item | If the asset's tax cost is set by: | The asset's tax cost setting amount is: |
1 | section 701 - 10 (Cost to head company of assets of joining entity) | the amount worked out in accordance with Division 705 |
2 | section 701 - 15 (Cost to head company of membership interests in entity that leaves group) | the amount worked out in accordance with section 711 - 15 or 711 - 55 |
3 | section 701 - 20 (Cost to head company of assets consisting of certain liabilities owed by entity that leaves group) | the * market value of the asset |
3A | section 701 - 45 (Cost of assets consisting of liabilities owed to entity by members of the group) | the amount worked out in accordance with section 701 - 60A |
4 | section 701 - 50 (Cost of certain membership interests of which entity becomes holder on leaving group) | the amount worked out in accordance with section 711 - 55 |
Note 1: The tax cost setting amount of certain interests in partnership assets is worked out under Subdivision 713 - E.
Note 2: The tax cost setting amount of certain assets of a
life insurance company is worked out under Subdivision 713 - L.