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

414   Subsections 221YHAAA(5) and (6)

Repeal the subsections, substitute:

(5) A reference in this Subdivision to the net income of a trust estate of a year of income is, if the net income of the trust estate of that year of income included a net capital gain under Part 3-1 of the Income Tax Assessment Act 1997, taken to be the amount that would have been that net income if the net capital gain had not been so included.