INCOME TAX ASSESSMENT ACT 1997 - SECT 711.30 What is the head company's terminating value for an asset?

INCOME TAX ASSESSMENT ACT 1997 - SECT 711.30

  (1)   The * head company's terminating value for an asset that it holds at the leaving time because the leaving entity is taken by subsection   701 - 1(1) to be a part of the head company is worked out as follows.

  (2)   The amount is worked out by applying section   705 - 30 in a corresponding way to the way that section applies to work out the * terminating value for an asset that a joining entity holds at the joining time.

  (3)   However, that amount is the asset's * market value at the leaving time if:

  (a)   the asset is a right to receive lease payments under a lease; and

  (b)   the asset's * tax cost was set when an entity (whether the leaving entity or another entity) became a * subsidiary member of the old group; and

  (c)   the asset was taken to be a * retained cost base asset for the purposes of Division   705 when its tax cost was set, because of paragraph   705 - 56(3)(b).