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17 Aug 06 Consolidation TDs withdrawals and addenda

On 16 August 2006, the ATO issued Addenda to the following Taxation Determinations dealing with consolidation, to reflect the repeal of s 705-90(6)(b) of the ITAA 1997 by the Tax Laws Amendment (2004 Measures No 7) Act 2005 (41 of 2005):

- TD 2004/53A Income tax: consolidation tax cost setting rules: are distributions paid up a chain of entities sourced from profits in a lower-tier entity that did not accrue to the joined group added at step 3 of the entry allocable cost amount of the higher-tier entity?

- TD 2004/55A Income tax: consolidation tax cost setting rules: step 3 of the allocable cost amount: is the 'retained profits' amount referred to in s705-90(2) of the ITAA 1997 a cumulative retained profits balance?

- TD 2004/59A Income tax: consolidation tax cost setting rules: how do you work out the amount subtracted at step 5 of the allocable cost amount where the loss taken into account under s 705-100(1) of the ITAA1997 has also reduced the step 3 amount?

- TD 2004/62A Income tax: consolidation tax cost setting rules: how does s 701-30(2) of the Income Tax (Transitional Provisions) Act 1997 modify the step 3 amount under s 705-90 of the ITAA 1997?

On the same day, the ATO withdrew the following Taxation Determinations with effect from 1 July 2002:

- TD 2004/54W Income tax: consolidation tax cost setting rules: is the amount of the adjustment under s 705-90(6)(b) of the ITAA1997 different depending upon whether the recouped losses are economic or non-economic losses?

- TD 2004/56W Income tax: consolidation tax cost setting rules: step 3 of the allocable cost amount: how do you work out the s 705-90(6)(b) of the ITAA 1997 amount where only some of the undistributed profits of a year have recouped losses prior to the joining time?

- TD 2004/61W Income tax: consolidation tax cost setting rules: step 3 of the allocable cost amount: should tax losses or net capital losses transferred to a joining entity be taken into account when determining whether an amount should be excluded at s 705-90(6)(b) of the ITAA 1997?

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