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

447   Section 408

Repeal the section, substitute:

408 Certain capital gains and losses disregarded

If a CFC makes a capital gain or capital loss from a CGT event because of Subdivision 136-A of the Income Tax Assessment Act 1997, or would have made a capital gain from the event apart from indexation, disregard the CGT event in calculating the attributable income of the eligible CFC.