Commentary

D7.496 Transition – excluded items

Corporate tax
Corporate tax | Commentary

D7.496 Transition – excluded items

Corporate tax | Commentary

D7.496 Transition – excluded items

The rules in this division apply for accounting periods beginning on or after 1 January 2013. For accounting periods beginning before 1 January 2013 see Division D7.5.

It is not sufficient however simply to identify the individual component parts (called 'relevant computational items') making up the total transitional difference, they must also be analysed to identify any that should be excluded because it is not appropriate to tax or relieve them as the case may be1.

The legislation identifies four types of excluded items:

  1.  

    (1)     deferred acquisition costs included in the closing 2012 balance sheet and which

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