Commonwealth Consolidated Acts Commonwealth Consolidated ActsSection 701 - 10 (cost to head company of assets of joining entity) and subsection 701 - 35(4) (setting value of trading stock at tax - neutral amount) of the Income Tax Assessment Act 1997 do not apply to the assets of a chosen transitional entity.
Note: The fact that the head company inherits the entity's history
under section 701 - 5 of that Act when the entity becomes a subsidiary
member of the group means that the entity's assets would be treated as
having the same cost as they would for the entity at that time.