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

Schedule 6   Treatment of payments made under firearms surrender arrangements

Part 1   Amendment of the Income Tax Assessment Act 1936

8   After subsection 160Z(6)

Insert:

(6A) Nothing in this Part operates to deem a capital gain to have accrued to a taxpayer during the year of income where the relevant disposal related to an asset for which the taxpayer received consideration under firearms surrender arrangements.

Note: Firearms surrender arrangements has the meaning given by subsection 6(1).