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INCOME TAX ASSESSMENT ACT 1997 - SECT 713.705 Certain assets taken to be retained cost base assets where general insurance company joins group

INCOME TAX ASSESSMENT ACT 1997 - SECT 713.705

Certain assets taken to be retained cost base assets where general insurance company joins group

  (1)   This section applies if:

  (a)   a * general insurance company becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and

  (b)   that company has demutualised under Division   9AA of Part   III of the Income Tax Assessment Act 1936 ; and

  (c)   in the period starting just after the company demutualises and ending at the joining time, all of the * membership interests in the company were owned by the same group.

  (2)   A goodwill asset of the company just before the joining time is a retained cost base asset .

  (3)   The goodwill asset's * tax cost setting amount is its amount (worked out in accordance with subsection   121AN(2) of the Income Tax Assessment Act 1936 ) on the applicable accounting day (see subsection   121AN(4) of that Act).

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