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

72   Subsection 23AH(8)

Repeal the subsection, substitute:

(8) If the original taxpayer in relation to the foreign branch capital gain is a company, any capital gain (for the purposes of Part 3-1 of the Income Tax Assessment Act 1997) made by the company from the CGT asset is disregarded.