Taxation Laws Amendment Act (No. 3) 1997 (147 of 1997)

Schedule 14   Gains and losses

Part 2   Income Tax Assessment Act 1936 (capital gains and capital losses)

41   Application

(1) Subject to this item, the amendments made by the items in this Part apply to the 1996-97 year of income and to any later years of income to which the provisions respectively amended by those items apply.

(2) The amendments made by items 18 to 24 apply to the 1996-97 year of income and to any later years of income to which the provisions respectively amended by those items apply, but have effect only in respect of acts, omissions or events happening after 26 March 1997.

(3) The references in subsection 160ZNS(3) of theIncome Tax Assessment Act 1936 to a company starting to carry on a business or entering into a transaction are references to the company starting to carry on a business or entering into a transaction after 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996.

(4) The reference in subsection 160ZNS(4) of theIncome Tax Assessment Act 1936to a company incurring expenditure is a reference to the company incurring expenditure after 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996.

(5) The amendment made by item 35 does not permit the Commissioner to amend an assessment made before 26 March 1997 unless the Commissioner could have made the amendment on that date.