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

427   Subsection 396(2)

Repeal the subsection, substitute:

(2) A reference in subsection (1) to a non-taxable Australian asset is a reference to:

(a) an asset other than a taxable Australian asset (within the meaning of Part IIIA of this Act); or

(b) a CGT asset other than one that has the necessary connection with Australia (within the meaning of the Income Tax Assessment Act 1997).