Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 417 - Timor Sea petroleum  

Subdivision 417-C - Capital gains tax  

SECTION 417-65  

417-65   CGT events not created by Timor Sea Maritime Boundaries Treaty entering into force  
If:

(a) before the *Timor Sea Maritime Boundaries Treaty entered into force, you owned an intangible *CGT asset connected with undertaking *transitioned petroleum activities; and

(b) your ownership of the asset ended when that treaty entered into force; and

(c) the ending of your ownership occurred in connection with the entry into force of that treaty;

the ending of your ownership is not a *CGT event.