Income Tax Assessment Act 1997

Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Div 311 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019.

Div 311 inserted by No 89 of 2013, s 3 and Sch 1 item 1, applicable to income years that include 1 July 2013, and to later income years.

Subdiv 311-C repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019.

Subdiv 311-C inserted by No 89 of 2013, s 3 and Sch 1 item 1, applicable to income years that include 1 July 2013, and to later income years. See the note under Div 311 heading.

S 311-35 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019. S 311-35 formerly read:

SECTION 311-35 Realisation of certain assets after completion time  
311-35(1)
In working out the * net capital loss referred to in paragraph 311-20(1)(b), or the sum of the transferring entity ' s * capital losses referred to in paragraph 311-25(b), treat any amount:

(a) that is a * capital loss or * capital gain that the transferring entity makes after the completion time; and

(b) that arises as a result of realisation of assets for the purpose of enabling payment to the receiving entity in connection with the transfer of the * accrued default amount of the member;

as if the loss or gain were made during the transfer year but before the completion time.

311-35(2)
In working out the * tax loss referred to in paragraph 311-20(1)(d), or the sum of the transferring entity ' s deductions referred to in paragraph 311-30(b), treat any amount:

(a) that is an amount of a deduction for the transferring entity, or an amount of assessable income by the transferring entity, arising after the completion time; and

(b) that arises as a result of realisation of assets for the purpose of enabling payment to the receiving entity in connection with the transfer of the * accrued default amount of the member;

as if the amount of the deduction, or the amount of income, arose during the transfer year but before the completion time.

S 311-35 inserted by No 89 of 2013, s 3 and Sch 1 item 1, applicable to income years that include 1 July 2013, and to later income years. See the note under Div 311 heading.