Taxation Laws Amendment Act 1993 (17 of 1993)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 14   Amendments relating to capital gains tax (cancellation of statutory licences)

48   Consideration in respect of disposal

Section 160ZD of the Principal Act is amended:

(a) by omitting from subsection (2) "Where a taxpayer has disposed of an asset, the disposal is not by way of the expiry of the asset" and substituting "Subject to subsection (2B), if a taxpayer has disposed of an asset";

(b) by omitting subsection (2B) and substituting the following subsection:

"(2B) Subsection (2) does not apply in relation to a disposal of an asset constituted by:

(a) the expiry, loss or destruction of the asset; or

(b) the cancellation of the asset where it is a statutory licence (within the meaning of subsection 160ZZPE(4)) and there is no consideration in respect of the disposal.".