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

372   Section 159GZZZBD

Repeal the section, substitute:

159GZZZBD Capital loss adjustment

For the purposes of working out the amount of a capital loss that the taxpayer makes from the post-changeover disposal, if the market value of the asset at the changeover time was less than its reduced cost base at that time, the first element of its reduced cost base at the changeover time is that market value.