s 701-15
In forceTax cost and trading stock value not set for assets of chosen transitional entities
Chapter 3Specialist liability rules
Part 3-90Consolidated groups
Division 701Modified application of provisions of Income Tax Assessment Act 1997 for certain consolidated groups formed in 2002‑3 and 2003‑4 financial years
Subdivision 701-BModified application of provisions
701-15 Tax cost and trading stock value not set for assets of chosen transitional entities
Section 701‑10 (cost to head company of assets of joining entity) and subsection 701‑35(4) (setting value of trading stock at tax‑neutral amount) of the Income Tax Assessment Act 1997 do not apply to the assets of a chosen transitional entity.
Note:
The fact that the head company inherits the entity’s history under section 701‑5 of that Act when the entity becomes a subsidiary member of the group means that the entity’s assets would be treated as having the same cost as they would for the entity at that time.
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