Document ID: chunk:federal_register_of_legislation:C2018A00014:clause:1_28
Version: federal_register_of_legislation:C2018A00014
Segment Type: clause
Provision Reference: sch 1 cl 28
Character Range: 30432–31071

28  Section 711‑40
Repeal the section, substitute:

711‑40  Liabilities owed to the leaving entity by members of the old group—step 3 in working out allocable cost amount
  For the purposes of step 3 in the table in subsection 711‑20(1), the step 3 amount is the total, for all liabilities owed by *members of the old group to the leaving entity at the leaving time, of the *tax cost setting amounts of the corresponding assets of the leaving entity.
Note: The tax cost of a corresponding asset of the leaving entity is set under section 701‑45. The tax cost setting amount of the corresponding asset is determined under section 701‑60A.