Tax Law Improvement Act (No. 1) 1998 (46 of 1998)

2   CGT (new Parts 3-1, 3-3 and 3-5)

3   Consequential amendment of the Income Tax Assessment Act 1936

342   Subsection 124ZR(3)

Repeal the subsection, substitute:

(3) Parts 3-1 and 3-3 (about CGT) of the Income Tax Assessment Act 1997 apply as if the taxpayer:

(a) had disposed of the CGT assets constituted by the shares, and had done so immediately before the company ceased to be a PDF; and

(b) had re-acquired those assets immediately afterwards;

for an amount equal to the shares' market value immediately after the company so ceased.