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
348 Section 124ZW (definition of overall 160Z gain)
Repeal the definition, substitute:
overall capital gain for a class of assessable income means:
(a) the amount by which the total ordinary capital gain for that class exceeds the total ordinary capital loss for that class; or
(b) if an amount has been applied under subsection 124ZZB(2) to reduce an overall capital gain previously worked out under this definition - that gain as so reduced.
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