INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 16H - Termination of gold mining exemptions  

Subdivision D - Part IIIA  

SECTION 159GZZZBB  

159GZZZBB   DISPOSALS OF ASSETS TO WHICH SECTIONS 159GZZZBC AND 159GZZZBD APPLY  
Where:


(a) a taxpayer owned a CGT asset at the end of 31 December 1990 (in this Subdivision called the ``changeover time'' ); and


(b) before the changeover time, the asset was used by the taxpayer (other than on a prior holding of the asset) solely for the purpose of producing exempt income, where that use was principally for the purpose of producing income to which paragraph 23(o) or subsection 23C(1) applied; and


(c) after the changeover time, a CGT event (which event is in this Subdivision called the post-changeover disposal ) happens in relation to the asset; and


(d) the asset was owned by the taxpayer at all times after the changeover time; and


(e) the taxpayer makes a capital gain or capital loss from the post-changeover disposal;

then sections 159GZZZBC and 159GZZZBD apply to the post-changeover disposal of the asset.


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