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
420 Subsections 308(1) and (2)
Repeal the subsections, substitute:
(1) The first element of the cost base of each 30 June 1988 asset of the taxpayer is the greater of the asset's market value (at the end of 30 June 1988) and the asset's cost base (on that day).
(2) The first element of the reduced cost base of each 30 June 1988 asset of the taxpayer is the lesser of the asset's market value (at the end of 30 June 1988) and the asset's cost base (on that day).
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
