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

Schedule 2   Amendment of the Income Tax Assessment Act 1936: forgiveness of commercial debts

Part 2   Consequential amendments

48   After subsection 160ZH(3)


(3A) If the relevant cost base of an asset is taken to be reduced under Subdivision 245-E of Schedule 2C in its application to the year of income in which the disposal of the asset occurs or a previous year of income, the reference in subsection (1), (2) or (3) to the sum of the amounts referred to in that subsection is to be treated as a reference to that sum as so taken to be reduced.