INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 2 - Application  

SECTION 160W   160W   EFFECT OF BANKRUPTCY, ETC.  
Where an asset owned by a person:


(a) becomes vested, as a result of the bankruptcy of the person, in:


(i) the Official Trustee in Bankruptcy or a registered trustee; or

(ii) the holder of a similar office under the law of a foreign country;


(b) becomes vested in a trustee:


(i) under a deed of assignment or deed of arrangement made under Part X of the Bankruptcy Act 1966 or a similar instrument executed under the law of a foreign country; or

(ii) by virtue of a composition or scheme of arrangement approved under Part IV, or a composition accepted under Part X, of that Act or a similar arrangement with creditors under the law of a foreign country; or


(c) in the case of a person being a company, becomes vested:


(i) in the liquidator of the company under section 374 of the Companies Act 1981 or the corresponding law of a State or Territory; or

(ii) in the holder of a similar office under the law of a foreign country;

this Part applies as if the asset continued to be vested in the first-mentioned person and any act done in relation to the asset by the person in whom the asset so vested were the act of the first-mentioned person.


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