Taxation Laws Amendment Act 1993 (Repealed) (17 of 1993)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 16   Amendments relating to capital gains tax (roll-overs involving company groups)

56   Application

 

(1) Subject to subsection (2), the amendments made by this Division apply to the disposal of assets after 16 December 1992. In the case of the amendment inserting section 160ZZOA, this means that only disposals after that date are taken into account for any purpose under that section, including determining which disposals constitute a series of group roll-over disposals.
        

      

(2) If:
        

(a) there is a deemed disposal and re-acquisition of an asset at a time after 16 December 1992 under paragraph 160ZZO(1)(g) or (h) of the Principal Act (in its continued operation in spite of the amendments made by this Division); and

(b) if, contrary to subsection (1), the amendments made by this Division had applied to disposals of assets on or before 16 December 1992, section 160ZZOA of the Principal Act as amended by this Division would not have applied to deem there to have been a disposal and re-acquisition of the asset in the same circumstances as cause the deemed disposal and re-acquisition under paragraph 160ZZO(1)(g) or (h);

then paragraph 160ZZO(1)(g) or (h) does not apply to deem there to have been a disposal and re-acquisition of the asset in those circumstances.