Document ID: chunk:federal_register_of_legislation:C2025C00113:section:33
Version: federal_register_of_legislation:C2025C00113
Segment Type: section
Provision Reference: s 33
Character Range: 68966–70019

33  Assets of corporations
 (1) Subject to subsection (2), for the purposes of the application of sections 7 and 34 in relation to a corporation:
 (a) the assets of the corporation on any day are taken to be the assets in Australia of the corporation that were included in the assets of the corporation in the last balance‑sheet of the corporation prepared and audited before that day; and
 (b) the value on that day of any of those assets is taken to be the value of the assets concerned as shown in that balance‑sheet.
 (2) If, for the purposes of the application of this section in relation to a corporation on any day, there is not such a balance‑sheet as is mentioned in subsection (1), then, for the purposes of the application of sections 7 and 34 in relation to the corporation:
 (a) the assets of the corporation on that day are taken to be the assets in Australia of the corporation; and
 (b) the value on that day of any of those assets is taken to be the value of the assets concerned as shown in the accounting records of the corporation.