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

450   Section 410

Repeal the section, substitute:

410 General modifications - CGT

For the purposes of applying this Act in calculating the attributable income of the eligible CFC, Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 apply as if these provisions were disregarded:

(a) section 116-85 (about section 47A of this Act applying to a rolled-over asset);

(b) section 116-95 (about a company changing residence from an unlisted country);

(c) section 118-12 (about assets used to produce exempt income);

(d) section 136-40 (about an individual or company becoming an Australian resident);

(e) section 136-50 (about a CFC becoming an Australian resident);

(f) Subdivision 170-B (about transfer of net capital losses within company groups).