Income Tax Assessment Act 1997

Pt 3-1 inserted by No 46 of 1998.

Div 106 inserted by No 46 of 1998.

Subdiv 160-D substituted by No 119 of 2013, s 3 and Sch 1 item 17, applicable:

(a) to the extent the amendments affect the A New Tax System (Wine Equalisation Tax) Act 1999 - in relation to financial years commencing on or after 30 June 2013; and

(b) to the extent the amendments affect Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 (about capital gains and losses) - in relation to CGT events happening on or after 30 June 2013; and

(c) otherwise - in relation to income years commencing on or after 30 June 2013.

An entity may choose to have the amendments also apply, in relation to the entity:

(a) to the extent the amendments affect Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 - in relation to CGT events happening during the 2008-09 income year and later income years; and

(b) other than to the extent the amendments affect those Parts or the A New Tax System (Wine Equalisation Tax) Act 1999 - in relation to the 2008-09 income year and later income years.

Subdiv 160-D formerly read:

Subdivision 106-D - Security holders

SECTION 106-60 Acts by security holders  
106-60
This Part and Part 3-3 apply to an act done by an entity (or an *agent of the entity) in relation to a *CGT asset for the purpose of enforcing or giving effect to a security, charge or encumbrance the entity holds over the asset as if the act had been done instead by the person who provided the security.

Example:

A lender sells property under a power of sale after the failure of the owner of the property to make payments on the loan. Any capital gain or loss is made by the owner of the property, not the lender.

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History

S 106-60 inserted by No 46 of 1998.

S 106-60 substituted by No 119 of 2013, s 3 and Sch 1 item 17, applicable:

(a) to the extent the amendments affect the A New Tax System (Wine Equalisation Tax) Act 1999 - in relation to financial years commencing on or after 30 June 2013; and

(b) to the extent the amendments affect Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 (about capital gains and losses) - in relation to CGT events happening on or after 30 June 2013; and

(c) otherwise - in relation to income years commencing on or after 30 June 2013.

An entity may choose to have the amendments also apply, in relation to the entity:

(a) to the extent the amendments affect Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 - in relation to CGT events happening during the 2008-09 income year and later income years; and

(b) other than to the extent the amendments affect those Parts or the A New Tax System (Wine Equalisation Tax) Act 1999 - in relation to the 2008-09 income year and later income years.

For former wording of s 106-60, see history note under Subdiv 106-D heading.