Income Tax (Transitional Provisions) Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-90
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CONSOLIDATED GROUPS
Division 713
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Rules for particular kinds of entities
The Income Tax Assessment Act 1997 applies as if the capital gain referred to in paragraph 713-535(2) (b), (3) (b) or (5) (b) were a discount capital gain if:
(a) the asset to which the deferral event happened is a virtual PST asset; and
(b) the asset was acquired less than 12 months before the deferral event happened; and
(c) the new event happens at least 12 months after the asset was acquired.
Subdivision 713-L
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Transitional relief for certain transactions relating to life insurance companies
SECTION 713-545
713-545
Discount capital gain in certain cases
The Income Tax Assessment Act 1997 applies as if the capital gain referred to in paragraph 713-535(2) (b), (3) (b) or (5) (b) were a discount capital gain if:
(a) the asset to which the deferral event happened is a virtual PST asset; and
(b) the asset was acquired less than 12 months before the deferral event happened; and
(c) the new event happens at least 12 months after the asset was acquired.
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