Document ID: chunk:federal_register_of_legislation:C2010C00603:clause:1_25
Version: federal_register_of_legislation:C2010C00603
Segment Type: clause
Provision Reference: sch 1 cl 25
Character Range: 48349–49297

25  After section 701‑30
Insert:

701‑32  No adjustment of amount of liabilities required in working out allocable cost amount

 (1) This section has effect for the purposes of applying section 705‑70 (step 2 of allocable cost amount) of the Income Tax Assessment Act 1997 in relation to a transitional entity.

 (2) In spite of subsection 705‑70(1A) of that Act, if the amount of an accounting liability of the transitional entity would be different when it becomes an accounting liability of the transitional group, that difference is not taken into account in working out the amount of the liability.

701‑34  CGT event L7 does not happen in respect of certain liabilities

  CGT event L7 does not happen if the liability mentioned in section 104‑530 of the Income Tax Assessment Act 1997 is one that satisfies the conditions in section 701‑32 of this Act.

Part 10—Entry and exit history rules and choices

Income Tax Assessment Act 1997