Commonwealth Consolidated Acts

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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 701.32

No adjustment of amount of liabilities required in working out allocable cost amount

             (1)  This section has effect for the purposes of applying section 705-70 (step 2 of allocable cost amount) of the Income Tax Assessment Act 1997 in relation to a transitional entity.

             (2)  In spite of subsection 705-70(1A) of that Act, if the amount of an accounting liability of the transitional entity would be different when it becomes an accounting liability of the transitional group, that difference is not taken into account in working out the amount of the liability.



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