Income Tax (Transitional Provisions) Act 1997
This section applies if:
(a) a choice was made under subsection 104-165(2) of the Income Tax Assessment Act 1997 ; and
(b) because of the choice, an asset is taken to have the necessary connection with Australia under subsection 104-165(3) of the Income Tax Assessment Act 1997 just before the commencement of Schedule 4 of the Tax Laws Amendment (2006 Measures No 4) Act 2006 . 104-165(2)
To avoid doubt, the choice has effect for the purposes of subsection 104-165(3) of the Income Tax Assessment Act 1997 as in force on and after that commencement.
This means that the asset will be taxable Australian property under the Income Tax Assessment Act 1997 as in force on and after that commencement.
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