Taxation Laws Amendment Act (No. 3) 1997 (147 of 1997)

Schedule 14   Gains and losses

Part 2   Income Tax Assessment Act 1936 (capital gains and capital losses)

34   After subsection 160ZP(7AAA)

Insert:

(7AAB) In determining for the purposes of subparagraph (7AAA)(b)(i) whether a company is required to calculate a net capital gain or a net capital loss under Division 3A in respect of the gain year, disregard subsection 160ZNF(3).

(7AAC) In determining for the purposes of subparagraph (7AAA)(b)(i) whether Division 3D would require the gain company to calculate a net capital loss in respect of the gain year, assume the gain company incurred a capital loss equal to the transferred amount during the gain year.