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

334   Paragraph 121EL(g)

Repeal the paragraph, substitute:

(g) if, apart from this section, the trust estate would make a capital gain or capital loss from a CGT event happening in relation to a CGT asset of the trust estate in the course of, or in connection with, an investment activity covered by subsection 121D(6A) - the trust estate makes only the average Australian asset percentage (for the portfolio investment concerned) of the gain or loss.