Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 (101 of 2006)

Schedule 2   Consequential amendments relating to Schedule 1 repeals etc.

Part 1   Amendments: general

Income Tax Assessment Act 1936

182   Paragraph 26AB(5)(d)

Repeal the paragraph, substitute:

(d) a premium received in connexion with the assignment from the Commonwealth or a State of a lease:

(i) granted in perpetuity or for a term not less than 99 years; or

(ii) with a right of purchase; or

(iii) effecting improvements to be used for residential purposes only.