Tax Laws Amendment (2009 Measures No. 2) Act 2009 (42 of 2009)

Schedule 1   Tax treatment of payments under financial claims scheme

Income Tax (Transitional Provisions) Act 1997

27   At the end of Part 3-10

Add:

Division 253 Financial claims scheme for account-holders with insolvent ADIs

Table of Subdivisions

253-A Tax treatment of entitlements under financial claims scheme

Subdivision 253-A - Tax treatment of entitlements under financial claims scheme

Table of sections

253-5 Application of section 253-5 of the Income Tax Assessment Act 1997

253-10 Application of sections 253-10 and 253-15 of the Income Tax Assessment Act 1997

253-5 Application of section 253-5 of the Income Tax Assessment Act 1997

Section 253-5 of the Income Tax Assessment Act 1997 applies to amounts paid or applied before, on or after the commencement of that section to meet entitlements arising under Division 2AA of Part II of the Banking Act 1959 after 17 October 2008.

Note: Division 2AA of Part II of the Banking Act 1959 commenced on 18 October 2008.

253-10 Application of sections 253-10 and 253-15 of the Income Tax Assessment Act 1997

Sections 253-10 and 253-15 of the Income Tax Assessment Act 1997 apply to CGT events happening after 17 October 2008.