Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 (101 of 2006)
Schedule 2 Consequential amendments relating to Schedule 1 repeals etc.
Part 1 Amendments: general
Income Tax (Transitional Provisions) Act 1997
810 After section 40-288
40-289 Surrendered firearms
If a balancing adjustment event for a firearm that you hold occurs because you surrender it after the commencement of this section under *firearms surrender arrangements, any amount by which its termination value exceeds its adjustable value is not included in your assessable income under subsection 40-285(1) of the Income Tax Assessment Act 1997.