Tax Laws Amendment (2009 Measures No. 6) Act 2010 (19 of 2010)

Schedule 1   Abolishing trust cloning and providing a CGT roll-over for certain trusts

Part 2   Roll-over for certain trusts

Income Tax Assessment Act 1997

12   Transitional: time for making mirror choices

(1) Subsection 126-235(3) of the Income Tax Assessment Act 1997 does not apply if the other trust makes a mirror choice under a provision of a taxation law by:

(a) 6 months after the day this Act receives the Royal Assent; or

(b) a later day allowed by the Commissioner of Taxation.

Note: For this item to have effect, the other trust must still be able, under that provision of the taxation law, to make the mirror choice.

(2) This item has effect in addition to subsection 126-235(4) of the Income Tax Assessment Act 1997.