Taxation Laws Amendment Act 1993 (17 of 1993)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 13   Amendments relating to capital gains tax (concessional taxing provisions)

46   Reductions of capital gains where amount otherwise assessable

Section 160ZA of the Principal Act is amended by adding at the end the following subsections:

"(7) For the purposes of subsection (4) or (5), if a provision of this Act other than this Part has the effect that an amount that would otherwise be included in the assessable income of the taxpayer or partnership referred to in that subsection is not so included, or is only so included in part, then that provision of this Act is to be disregarded for the purposes of that subsection.

"(8) For the purposes of subsection (4) or (5), if a provision of this Act (other than section 25 or this Part) has the effect that an amount that would otherwise not be included in the assessable income of the taxpayer or partnership referred to in that subsection is to be so included in part, then the whole of the amount is taken to be so included for the purposes of that subsection.".