Tax Laws Amendment (2013 Measures No. 1) Act 2013 (119 of 2013)
Schedule 1 Strengthening scrip for scrip roll-over, small business entity and other concessions
Part 3 Entity making the gain or loss
Income Tax Assessment Act 1997
16 Section 106-35
Repeal the section, substitute:
106-35 Effect of liquidation
(1) For the purposes of this Part and Part 3-3 (about capital gains and losses) and Subdivision 328-C (What is a small business entity), the vesting of a companys *CGT assets in a liquidator, or the holder of a similar office under a *foreign law, is ignored.
(2) This Part, Part 3-3 and Subdivision 328-C apply to an act done by a liquidator of a company, or the holder of a similar office under a *foreign law, as if the act had been done by the company (instead of by the liquidator etc.).
Example: Ben, a liquidator of a company, sells a CGT asset of the company. Any capital gain or loss is made by the company, not by Ben.