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(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).