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

418   Section 306

Repeal the section, substitute:

306 Treatment of CGT asset owned at the end of 30 June 1988

(1) Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 apply to a 30 June 1988 asset of a taxpayer as if the taxpayer had acquired it on 30 June 1988.

(2) However, this does not affect how to work out the asset's cost base to the taxpayer.