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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS    View history reference

Division 701 - Core rules    View history reference

Supporting provisions  

SECTION 701-56  Application of subsection 701-55(6)  

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701-56(1)  

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Subsection (2) applies in relation to each asset that would be an asset of an entity at the time (the joining time ) it becomes a * subsidiary member of a * consolidated group, assuming that subsection 701-1(1) (the single entity rule) did not apply.

701-56(1A)  

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Subsection (2) applies only to the extent necessary for the purposes of subsection 701-55(6) to determine whether a provision of this Act is to apply in relation to each of those assets on and after the joining time.

701-56(1B)  

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Subsection (2) applies despite section 701-5 (the entry history rule).

701-56(2)  

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Treat the * head company as having acquired each of those assets at the joining time as part of acquiring the business of the joining entity as a going concern.

Certain depreciating assets etc

701-56(3)  

Subsection 701-55(6) does not apply in relation to an asset if any of the following provisions are to apply in relation to the asset:


(a) Subdivision 40-F (Primary production depreciating assets);


(b) Subdivision 40-G (Capital expenditure of primary producers and other landholders);


(c) Subdivision 40-H (Capital expenditure that is immediately deductible);


(d) Subdivision 40-I (Capital expenditure that is deductible over time);
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(e) Subdivision 40-J (Capital expenditure for the establishment of trees in carbon sink forests);


(f) Division 41 (Additional deduction for certain new business investment);


(g) Division 43 (Deductions for capital works).


 



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