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
447 Section 408
Repeal the section, substitute:
408 Certain capital gains and losses disregarded
If a CFC makes a capital gain or capital loss from a CGT event because of Subdivision 136-A of the Income Tax Assessment Act 1997, or would have made a capital gain from the event apart from indexation, disregard the CGT event in calculating the attributable income of the eligible CFC.
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