Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 820.682

Deferred tax assets and deferred tax liabilities

  (1)   Despite subsections   820 - 680(1), (1A) and (2), an entity must not recognise:

  (a)   a deferred tax liability (within the meaning of the * accounting standards) as a liability for the purposes of this Division; or

  (b)   a deferred tax asset (within the meaning of the accounting standards) as an asset for the purposes of this Division.

Note:   Subsections   820 - 680(1) and (1A) require compliance with accounting standards.

Surpluses and deficits in defined benefit superannuation plans

  (2)   Despite subsections   820 - 680(1), (1A) and (2), an entity must not recognise an amount relating to a defined benefit plan (within the meaning of the * accounting standards) as:

  (a)   a liability for the purposes of this Division; or

  (b)   an asset for the purposes of this Division.

Note:   Subsections   820 - 680(1) and (1A) require compliance with accounting standards.

Not applicable to ADIs

  (3)   This section does not apply in relation to an entity for a period if, for the period, the entity is an * outward investing entity (ADI) or an * inward investing entity (ADI).

Not applicable to records about Australian permanent establishments

  (4)   This section does not apply for the purposes of section   820 - 960.