Commonwealth Consolidated Acts Commonwealth Consolidated ActsThe tax cost of a partner's interest in an asset or of an asset of the entity for the purposes of applying an * asset - based income tax regime at the start of the post - hybrid year or the hybrid year is worked out using the following table:
Tax cost of an asset | ||
Item | If the asset - based income tax regime is: | the tax cost of the interest or the asset is: |
1 | Subdivisions 40 - A to 40 - D, sections 40 - 425 to 40 - 445 and Subdivision 328 - D | the * adjustable value of the interest or the asset at the start of the post - hybrid year or the hybrid year |
2 | Division 70 | the value of the interest or the asset at the start of the post - hybrid year or the hybrid year under Division 70 |
3 | Part 3 - 1 or 3 - 3 | the * cost base or * reduced cost base of the interest or the asset at the start of the post - hybrid year or the hybrid year |
4 | Division 16E of Part III of the Income Tax Assessment Act 1936 | the amount that the partner or entity would need to receive if it were to dispose of the interest or asset at the start of the post - hybrid year or the hybrid year without an amount being assessable income of, or deductible to, the partner or entity under section 159GS of the Income Tax Assessment Act 1936 |
5 | Any other provision of this Act or the Income Tax Assessment Act 1936 | the cost of the interest or the asset at the start of the post - hybrid year or the hybrid year |