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

426   Paragraph 377(1)(c)

Repeal the paragraph, substitute:

(c) a profit of a capital nature derived by the company in the qualifying period:

(i) in respect of the disposal of a taxable Australian asset to which Part IIIA of this Act applies, to the extent that an amount is included in the assessable income of the company under that Part in respect of the disposal; or

(ii) in respect of a CGT event happening in relation to an asset having the necessary connection with Australia, to the extent that an amount is included in the assessable income of the company under Part 3-1 or 3-3 of the Income Tax Assessment Act 1997; or

(iii) in respect of CGT event D1 or E9 happening in circumstances where one of the items in a table in section 136-15 of the Income Tax Assessment Act 1997 is satisfied, to the extent that an amount is included in the assessable income of the company under Part 3-1 or 3-3 of that Act;