Taxation Laws Amendment Act (No. 2) 1996 (76 of 1996)

Schedule 1   Amendment of the Income Tax Assessment Act 1936: various measures

Part 4   Repeal of section 261

46   After paragraph 530(1)(c)

Insert:

(ca) was included in the taxpayer's assessable income of the year of income that immediately preceded the year of income referred to in paragraph (b); or

47

Application

(1) The amendment made by item 38 is taken to have applied to assessments in respect of income of the 1987-88 year of income and later years of income.

(2) The amendments made by items 39, 40, 41 and 42 apply to disposals of assets that occurred or occur after 2 April 1992.

(3) The amendment made by item 43 applies to assessments in respect of income of the 1996-97 year of income and later years of income.