Document ID: chunk:federal_register_of_legislation:C2012C00706:clause:3_1
Version: federal_register_of_legislation:C2012C00706
Segment Type: clause
Provision Reference: sch 3 cl 1
Character Range: 68445–69404

1  Subsection 701‑55(5C)
Repeal the subsection, substitute:

Rights to future amounts
 (5C) If:
 (a) the asset's tax cost is set because an entity becomes a *subsidiary member of a *consolidated group at the particular time; and
 (b) section 716‑410 (rights to amounts that are expected to be included in assessable income) covers the asset at the particular time; and
 (c) the asset is not a *non‑deductible right to future income;
the expression means that section 716‑405 may apply in relation to the asset after the particular time.

Consumable stores
 (5D) If:
 (a) the asset's tax cost is set because an entity becomes a *subsidiary member of a *consolidated group at the particular time; and
 (b) the asset is consumable stores;
the expression means that, for the purposes of section 8‑1, the *head company of the group is taken to have incurred an outgoing at the particular time in acquiring the asset equal to the asset's *tax cost setting amount.