Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if:
(a) the * tax cost of an asset was set at the time (the joining time ) an entity became a * subsidiary member of a * consolidated group, at the asset's * tax cost setting amount; and
(b) ignoring the operation of subsection 701 - 1(1) (the single entity rule), the entity held the asset at the joining time; and
(c) taking into account the operation of subsection 701 - 1(1) (the single entity rule), the * head company of the group did not hold the asset at the joining time.
Example: A debt owed by a member of the group to the joining entity at the joining time.
(2) To avoid doubt, the asset's * tax cost setting amount mentioned in paragraph (1)(a) is not to be taken into account in applying the provisions mentioned in subsections 701 - 55(2), (3) (3A),, (4), (5), (5A), (5C), (5D) and (6) in relation to the asset at and after the joining time.