Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)
Schedule 10 Technical corrections and amendments
Part 1 Technical corrections and amendments commencing on Royal Assent
Income Tax Assessment Act 1997
114 Subsection 128-25(2) (note 2)
Repeal the note, substitute:
Note 2: If the beneficiary is a foreign resident, Subdivision 136-B sets out what happens if the beneficiary becomes an Australian resident. The beneficiary is taken to have acquired each asset owned just before becoming an Australian resident for the market value of the asset at that time.