Tax Law Improvement Act (No. 1) 1998 (46 of 1998)

2   CGT (new Parts 3-1, 3-3 and 3-5)

3   Consequential amendment of the Income Tax Assessment Act 1936

145   Section 102AAZB

Repeal the section, substitute:

102AAZB General modifications - CGT

For the purposes of applying this Act in calculating the attributable income of a trust estate, Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 (about CGT) apply as if:

(a) sections 118-12 (about assets used to produce exempt income) and 136-45 (about a trust becoming a resident trust) were disregarded; and

(b) the trust estate were a resident trust for CGT purposes.