Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 10E - PDFs (pooled development funds)  

Subdivision A - Shares in PDFs  

SECTION 124ZQ   EFFECT OF COMPANY BECOMING A PDF  

124ZQ(1)   [PDF shares]  

This section applies to shares in a company that a taxpayer holds when the company becomes a PDF.

124ZQ(2)   [Period when shares held]  

In determining for the purposes of this Act whether an amount is or was allowable as a deduction to the taxpayer in respect of acquiring the shares, the shares are taken to have been shares in a PDF throughout the period beginning immediately before the taxpayer acquired them and ending when the company became a PDF.

124ZQ(3)   [Shares not trading stock]  

For the purposes of this Act, the shares are taken to have been trading stock of the taxpayer at no time during that period.

124ZQ(4)   [Amendment of assessment]  

Section 170 does not prevent an assessment from being amended to give effect to this section.