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
371 Section 159GZZZBC
Repeal the section, substitute:
159GZZZBC Capital gains adjustment
For the purposes of working out the amount of a capital gain that the taxpayer makes from the post-changeover disposal, if the market value of the asset at the changeover time was more than its cost base at that time, the first element of its cost base at the changeover time is that market value.
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