New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 (90 of 2002)

Schedule 16   Demerger relief

Part 4   Transitional

54   Transitional

A company that makes payments in respect of shares in the company under a demerger that happens on or after 1 July 2002 and before this Act receives the Royal Assent can choose to apply section 45B of theIncome Tax Assessment Act 1936 as that section existed before the amendments made by this Act to the demerger rather than that section as amended by this Act if:

(a) the head entity of the demerger group is a listed public company; and

(b) the only CGT events (if any) that happen under the demerger to all original interests in that head entity are CGT event A1, CGT event C2 or CGT event G1.