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

348   Section 124ZW (definition of overall 160Z gain)

Repeal the definition, substitute:

overall capital gain for a class of assessable income means:

(a) the amount by which the total ordinary capital gain for that class exceeds the total ordinary capital loss for that class; or

(b) if an amount has been applied under subsection 124ZZB(2) to reduce an overall capital gain previously worked out under this definition - that gain as so reduced.