Commonwealth Consolidated Acts

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


Partnership leaves group--tax cost setting amount for assets consisting of being owed certain liabilities

             (1)  This section applies if:

                     (a)  when the partnership ceases to be a * subsidiary member of the group, a partner remains a * member of the group; and

                     (b)  an asset becomes an asset of the * head company because subsection 701-1(1) (the single entity rule) ceases to apply to the partnership when it ceases to be a subsidiary member; and

                     (c)  the asset is, ignoring that subsection:

                              (i)  the partner's interest in an asset of the partnership consisting of a liability of a member of the group owed to the partnership; or

                             (ii)  the partner's share of a liability of the partnership owed to a member of the group.

             (2)  The asset's * tax cost is set at the leaving time at a * tax cost setting amount equal to the * market value of the asset.

AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback