S 310 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years. S 310 formerly read:
[Interest or unit in trust]
SECTION 310 ADJUSTMENT OF COST BASE AS AT 30 JUNE 1988
RETURN OF CAPITAL
[Operation of Division]
The following provisions have effect for the purposes of this Division.
30 June 1988 assets of a taxpayer consist of shares in a company; and
at any time during the period commencing at the time when the taxpayer acquired the shares and ending at the end of 30 June 1988, the company paid an amount that was not a dividend to the taxpayer in respect of the shares;
the cost base to the taxpayer of the shares as at 30 June 1988 shall be reduced by that amount.
a 30 June 1988 asset of a taxpayer consists of an interest or unit in a trust; and
at any time during the period commencing at the time when the taxpayer acquired the interest or unit and ending at the end of 30 June 1988, the trustee of the trust paid an amount to the taxpayer in respect of the interest or unit, being:
in a case where the taxpayer was exempt from tax for the year of income in which the payment was made
an amount that, if the taxpayer had not been exempt from tax, would not have been assessable income of the taxpayer; or
in any other case
an amount that would not have been assessable income of the taxpayer;
the cost base to the taxpayer of the interest or unit as at 30 June 1988 shall be reduced by so much of the amount as is not attributable to a deduction allowed under former Division 10C or 10D of Part III.
S 310 amended by
No 101 of 2006
, s 3 and Sch 2 item 453, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the
CCH Australian Income Tax Legislation archive
S 310 inserted by No 105 of 1989.