Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 960.570

Meaning of global financial statements

                   Global financial statements for a * global parent entity for a period (the relevant period ) are the financial statements that:

                     (a)  have been prepared and audited in relation to that entity, or that entity and other entities, in accordance with:

                              (i)  * accounting principles and * auditing principles; or

                             (ii)  if such principles do not apply--commercially accepted principles, relating to accounting and auditing, that ensure the statements give a true and fair view of the financial position and performance of that entity (or that entity and the other entities on a consolidated basis); and

                     (b)  are for the most recent period ending:

                              (i)  no later than the end of the relevant period; and

                             (ii)  no earlier than 12 months before the start of the relevant period.

Table of Subdivisions

961-A   Dependant (non-student child under 21 or student) notional tax offset

961-B    Dependant (sole parent of a non-student child under 21 or student) notional tax offset

Guide to Subdivision 961-A



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