A joint submission by the Taxation Institute of Australia, the Institute of Chartered Accountants in Australia, CPA Australia and Taxpayers Australia regarding TD 2004/D75 Income tax: consolidation: can the head company of a consolidated group claim a deduction, under section 8-1 of the Income Tax Assessment Act 1997, for a consumable's tax cost setting amount where: (a) an entity acquired the consumable before it became a subsidiary member of the consolidated group (the joining time); (b) the expenditure incurred in purchasing the consumable was deductible by the entity in the income year in which it was incurred; and (c) at joining time, some or all of the consumable remained on-hand?
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