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INCOME TAX ASSESSMENT ACT 1997 - SECT 830.90

What the expression tax cost is set means

    The following table explains what the expression tax cost is set at the start of the hybrid year or the post - hybrid year means, in relation to an asset in which a partner has an interest or in relation to an asset of the entity, for the purposes of each * asset - based income tax regime:

 

Tax cost is set

Item

If the following asset - based income tax regime is to apply:

The expression means that:

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 hybrid year or the post - hybrid year is varied so that it equals the partner's * tax cost setting amount for the interest, or the entity's tax cost setting amount for the asset, at that time in relation to the * asset - based income tax regime

2

Division   70

the value of the interest or the asset at the start of the hybrid year or the post - hybrid year under Division   70 is varied so that it equals the partner's * tax cost setting amount for the interest, or the entity's tax cost setting amount for the asset, at that time in relation to the * asset - based income tax regime

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 hybrid year or the post - hybrid year is varied so that it equals the partner's * tax cost setting amount for the interest, or the entity's tax cost setting amount for the asset, at that time in relation to the * asset - based income tax regime

4

Division   16E of Part   III of the Income Tax Assessment Act 1936

the Division applies as if the interest or the asset were * acquired by the partner or the entity at the start of the hybrid year or the post - hybrid year for a payment equal to the partner's * tax cost setting amount for the interest, or the entity's tax cost setting amount for the asset, at that time in relation to the * asset - based income tax regime

5

Any other provision of this Act or the Income Tax Assessment Act 1936

the cost of the interest or asset at the start of the hybrid year or the post - hybrid year is varied so that it equals the partner's * tax cost setting amount for the interest, or the entity's tax cost setting amount for the asset, at that time in relation to the * asset - based income tax regime



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