Commonwealth Consolidated Acts Commonwealth Consolidated ActsWhen an entity becomes a subsidiary member of an existing consolidated group, the tax cost setting amount for its assets reflects the cost to the group of acquiring the entity.
Table of sections
Application and object
705 - 10 Application and object of this Subdivision
705 - 15 Cases where this Subdivision does not have effect
Tax cost setting amount for assets that joining entity brings into joined group
705 - 20 Tax cost setting amount worked out under this Subdivision
705 - 25 Tax cost setting amount for retained cost base assets
705 - 27 Reduction in tax cost setting amount that exceeds market value of certain retained cost base assets
705 - 30 What is the joining entity's terminating value for an asset?
705 - 35 Tax cost setting amount for reset cost base assets
705 - 40 Tax cost setting amount for reset cost base assets held on revenue account etc.
705 - 45 Reduction in tax cost setting amount for accelerated depreciation assets
705 - 47 Reduction in tax cost setting amount for some privatised assets
705 - 55 Order of application of sections 705 - 40, 705 - 45 and 705 - 47
705 - 56 Modification for tax cost setting in relation to leases
705 - 57 Adjustment to tax cost setting amount where loss of pre - CGT status of membership interests in joining entity
705 - 58 Assets and liabilities not set off against each other
705 - 59 Exception: treatment of linked assets and liabilities
How to work out the allocable cost amount
705 - 60 What is the joined group's allocable cost amount for the joining entity?
705 - 62 No double counting of amounts in allocable cost amount
705 - 65 Cost of membership interests in the joining entity--step 1 in working out allocable cost amount
705 - 70 Liabilities of the joining entity--step 2 in working out allocable cost amount
705 - 75 Liabilities of the joining entity--reductions for purposes of step 2 in working out allocable cost amount
705 - 76 Liability arising from transfer or assignment of securitised assets
705 - 80 Liabilities of the joining entity--reductions/increases for purposes of step 2 in working out allocable cost amount
705 - 85 Liabilities of the joining entity--increases for purposes of step 2 in working out allocable cost amount
705 - 90 Undistributed, taxed profits accruing to joined group before joining time--step 3 in working out allocable cost amount
705 - 93 If pre - joining time roll - over from foreign resident company or head company--step 3A in working out allocable cost amount
705 - 95 Pre - joining time distributions out of certain profits--step 4 in working out allocable cost amount
705 - 100 Losses accruing to joined group before joining time--step 5 in working out allocable cost amount
705 - 102 FRT disallowed amounts accruing to joined group before joining time--step 5A in working out allocable cost amount
705 - 105 Continuity of holding membership interests--steps 3 to 5A in working out allocable cost amount
705 - 110 If joining entity transfers a loss to the head company--step 6 in working out allocable cost amount
705 - 112 If joining entity transfers a FRT disallowed amount to the head company--step 6A in working out allocable cost amount
705 - 115 If head company becomes entitled to certain deductions--step 7 in working out allocable cost amount
How to work out a pre - CGT factor for assets of joining entity
705 - 125 Pre - CGT proportion for joining entity