Income Tax Assessment Act 1997

Chapter 4 inserted by No 162 of 2001.

Part 4-5 inserted by No 162 of 2001.

Div 768 heading substituted by No 110 of 2014, s 3 and Sch 2 item 3, applicable to distributions and non-share dividends made after 16 October 2014. Div 768 heading formerly read:

Division 768 - Exempt foreign income and gains

Div 768 inserted by No 96 of 2004.

Subdiv 768-R inserted by No 32 of 2006, s 3 and Sch 1 item 1, effective 6 April 2006.

S 768-945 repealed by No 133 of 2009, s 3 and Sch 1 item 62, applicable in relation to the ESS interests mentioned in subsections 83A-5(1) and (2) of the Income Tax (Transitional Provisions) Act 1997 . S 768-945 formerly read:

SECTION 768-945 Amending assessment to take account of effect on capital gain or loss of recalculating discount  
768-945(1)
This section applies if:

(a) an amount is included in your assessable income, or you have a net capital loss, for a particular income year; and

(b) that amount is reduced, or increased, because of a change in the extent (if any) to which any of the following provisions of the Income Tax Assessment Act 1936 apply in relation to the amount during a subsequent income year:

(i) section 23AF ;

(ii) section 23AG ;

(iii) subsection 139B(1A) .

768-945(2)
In paragraph (1)(b):

(a) the reference to an amount being reduced includes a reference to the amount being reduced to a nil amount; and

(b) the reference to an amount being increased includes a reference to the amount being increased from a nil amount.

768-945(3)
Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment to take account of the effect that the reduction or increase has on the determination of the amount of a ^* capital gain or ^* capital loss under subsection 768-920(6) or (7) .

768-945(4)
If section 768-920 applies to the ^* share or right in relation to which the ^* CGT event occurs because of subsection 768-920(1) , the amendment must be made before the end of the period of 4 years starting immediately after the income year during which the period of employment or service relating to the ^* acquisition of the share or right ends.

768-945(5)
If section 768-920 applies to the ^* share or right in relation to which the ^* CGT event occurs because of subsection 768-920(2) , the amendment must be made before the end of the period of 4 years starting immediately after the income year during which the period of employment or service relating to the ^* acquisition of the original right ends.

S 768-945 inserted by No 32 of 2006, s 3 and Sch 1 item 1, applicable for an income year that begins on or after 1 July 2006.