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

451   Subsections 411(1) and (2)

Repeal the subsections, substitute:

(1) Subject to this section, for the purposes of applying this Act in calculating the attributable income of the eligible CFC, a commencing day asset of the eligible CFC is taken to have been acquired, for the purposes of Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 (about CGT), by it on its commencing day.

Note: The heading to section 411 is replaced by the heading "Commencing day assets taken to have been acquired on commencing day".