Tax Law Improvement Act 1997 (121 of 1997)

Schedule 2   Assessable income

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

22   Before subsection 26AB(1)

Insert:

(1A) For the purposes of assessments for the 1997-98 year of income and later years of income, this section applies only in relation to assignments of leases granted before 20 September 1985.

Note: For the 1997-98 year of income and later years of income, Part IIIA (Capital gains and capital losses) deals with the income tax treatment of premiums for:

· granting leases; and

· assigning leases granted on or after 20 September 1985.

The Income Tax Assessment Act 1997 does not contain a rewritten version of this section.