Tax Laws Amendment (2006 Measures No. 4) Act 2006 (168 of 2006)

Schedule 4   CGT and foreign residents

Part 3   Consequential amendments

Financial Corporations (Transfer of Assets and Liabilities) Act 1993

13   Section 19

Omit "had, while it is an asset of the receiving corporation, the necessary connection with Australia", substitute "is, while it is an asset of the receiving corporation, taxable Australian property".

Note: The heading to section 19 is altered by omitting " has necessary connection with Australia " and substituting " is taxable Australian property ".