Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 711.46

Liability arising from transfer or assignment of securitised assets

    This section covers an accounting liability (the securitisation liability ) if the following circumstances exist:

  (b)   in working out the step 4 amount mentioned in subsection   711 - 45(1) in relation to the leaving entity, an amount would be added under that subsection for the securitisation liability (disregarding subsection   711 - 45(11));

  (c)   a member of the old group transferred or equitably assigned one or more assets (the underlying securitised assets ) to another entity before the leaving time;

  (d)   the securitisation liability:

  (i)   arose from the transfer or equitable assignment of the underlying securitised assets; and

  (ii)   is a liability of the leaving entity at the leaving time (according to the leaving entity's * accounting principles for tax cost setting);

  (e)   the other entity was established for the purpose of securitising assets;

  (f)   the underlying securitised assets were securitised in accordance with that purpose before the leaving time;

  (g)   at the leaving time the * market value of the leaving entity's interest in the underlying securitised assets is nil, or is substantially less than the amount of the securitisation liability.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback