Document ID: chunk:federal_register_of_legislation:C2014C00749:clause:7_2:p9
Version: federal_register_of_legislation:C2014C00749
Segment Type: clause
Provision Reference: sch 7 cl 2 (pt 9/9)
Character Range: 86443–87068

the asset while it is an asset of the head company;
subsection 40‑285(6) of this Act (about reducing the amount included in assessable income for a balancing adjustment event) applies as if the cost of the asset were equal to the tax cost setting amount applicable in relation to the asset for the purposes of having its tax cost set by section 701‑10 (cost to head company of assets that entity brings into group) of the Income Tax Assessment Act 1997.
Note: The tax cost setting amount applicable in relation to the asset for that purpose is worked out in accordance with Division 705 of the Income Tax Assessment Act 1997.