INCOME TAX ASSESSMENT ACT 1997 - SECT 768.515 Choices to apply market value method or book value method
INCOME TAX ASSESSMENT ACT 1997 - SECT 768.515
Choices to apply market value method or book value methodChoice for market value method
(1) The holding company may choose to work out the * active foreign business asset percentage of the foreign company for the time of the CGT event under section 768 - 520.
Choice for book value method
(2) The holding company may choose to work out the * active foreign business asset percentage of the foreign company for the time of the CGT event under section 768 - 525.
(3) The way an entity making a choice under subsection (1) or (2) prepares its * income tax return is sufficient evidence of the making of the choice.
Note: If an entity does not make a choice under subsection (1)
or (2), it will work out the active foreign business asset percentage of the
foreign company in accordance with the default method in subsection 768
- 510(4).