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
418 Section 306
Repeal the section, substitute:
306 Treatment of CGT asset owned at the end of 30 June 1988
(1) Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 apply to a 30 June 1988 asset of a taxpayer as if the taxpayer had acquired it on 30 June 1988.
(2) However, this does not affect how to work out the asset's cost base to the taxpayer.
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