INCOME TAX ASSESSMENT ACT 1997 - SECT 705.5 What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997 - SECT 705.5
What this Subdivision is aboutWhen an entity becomes a subsidiary member of an existing consolidated group, the tax cost setting amount for its assets reflects the cost to the group of acquiring the entity.
705 - 10 Application and object of this Subdivision
705 - 15 Cases where this Subdivision does not have effect
Tax cost setting amount for assets that joining entity brings into joined group
705 - 20 Tax cost setting amount worked out under this Subdivision
705 - 25 Tax cost setting amount for retained cost base assets
705 - 27 Reduction in tax cost setting amount that exceeds market value of certain retained cost base assets
705 - 30 What is the joining entity's terminating value for an asset?
705 - 35 Tax cost setting amount for reset cost base assets
705 - 40 Tax cost setting amount for reset cost base assets held on revenue account etc.
705 - 45 Reduction in tax cost setting amount for accelerated depreciation assets
705 - 47 Reduction in tax cost setting amount for some privatised assets
705 - 55 Order of application of sections 705 - 40, 705 - 45 and 705 - 47
705 - 56 Modification for tax cost setting in relation to leases
705 - 57 Adjustment to tax cost setting amount where loss of pre - CGT status of membership interests in joining entity
705 - 58 Assets and liabilities not set off against each other
705 - 59 Exception: treatment of linked assets and liabilities
How to work out the allocable cost amount
705 - 60 What is the joined group's allocable cost amount for the joining entity?
705 - 62 No double counting of amounts in allocable cost amount
705 - 65 Cost of membership interests in the joining entity--step 1 in working out allocable cost amount
705 - 70 Liabilities of the joining entity--step 2 in working out allocable cost amount
705 - 75 Liabilities of the joining entity--reductions for purposes of step 2 in working out allocable cost amount
705 - 76 Liability arising from transfer or assignment of securitised assets
705 - 80 Liabilities of the joining entity--reductions/increases for purposes of step 2 in working out allocable cost amount
705 - 85 Liabilities of the joining entity--increases for purposes of step 2 in working out allocable cost amount
705 - 90 Undistributed, taxed profits accruing to joined group before joining time--step 3 in working out allocable cost amount
705 - 93 If pre - joining time roll - over from foreign resident company or head company--step 3A in working out allocable cost amount
705 - 95 Pre - joining time distributions out of certain profits--step 4 in working out allocable cost amount
705 - 100 Losses accruing to joined group before joining time--step 5 in working out allocable cost amount
705 - 105 Continuity of holding membership interests--steps 3 to 5 in working out allocable cost amount
705 - 110 If joining entity transfers a loss to the head company--step 6 in working out allocable cost amount
705 - 115 If head company becomes entitled to certain deductions--step 7 in working out allocable cost amount
How to work out a pre - CGT factor for assets of joining entity
705 - 125 Pre - CGT proportion for joining entity