Tax Laws Amendment (2006 Measures No. 2) Act 2006 (58 of 2006)

Schedule 4   Compulsory acquisition

Income Tax Assessment Act 1997

6   Application

 

(1) The amendments made by this Schedule apply in relation to CGT events that happen after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999.

      

(2) The amendments made by this Schedule apply in relation to balancing adjustment events that occur after 30 June 2001.

      

(3) Former section 42-293 of the Income Tax Assessment Act 1997 applies in relation to balancing adjustment events that occurred during the period:

(a) starting just after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999; and

(b) ending just before 1 July 2001;

as if the amendments made by this Schedule to section 40-365 of that Act were made (with any necessary changes) to former section 42-293.

      

(4) To avoid doubt:

(a) those necessary changes to those amendments include the following:

(i) item 1 applies in relation to former paragraph 42-293(2)(c);

(ii) references in item 1 to the original asset are taken to be references to the original plant;

(iii) item 2 applies in relation to former section 42-293; and

(b) a choice under former subsection 42-293(1) may be made after the commencement of this item in relation to those amendments; and

(c) the Commissioner may allow, after the commencement of this item, a further period under former subsection 42-293(3) in relation to those amendments.