35Treatment of acquisitions of transferring assets for purposes of Income Tax Assessment Act

35 Treatment of acquisitions of transferring assets for purposes of Income Tax Assessment Act

For the purposes of the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 after the commencement of this Part: (a) CSL is to be taken to have acquired a transferring asset on the day on which that asset was acquired by the Commonwealth; and (b) CSL is to be taken to have paid or given, in relation to its acquisition of a transferring asset, the consideration paid or given by the Commonwealth in relation to the acquisition of that asset by the Commonwealth and to have done so when the Commonwealth paid or gave the consideration; and (c) CSL is to be taken to have incurred, in relation to its acquisition of a transferring asset, the liability to pay or give consideration incurred by the Commonwealth in relation to the acquisition of that asset by the Commonwealth and to have done so when the Commonwealth incurred the liability; and (d) CSL is to be taken to have incurred, in relation to a transferring asset, costs and expenditure of the kinds referred to in subsection 110‑25(3), (5) or (6) of the Income Tax Assessment Act 1997 incurred by the Commonwealth in relation to the asset and to have done so when the Commonwealth incurred the costs or expenditure.