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.