INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 3 - Determination of capital gains and capital losses  

SECTION 160ZF   ADJUSTMENT WHERE CONSIDERATION NOT RECEIVED  

160ZF(1)   [Consideration not received or not likely to be received]  

Subject to subsection (3), where the whole or a part of the consideration in respect of the disposal of an asset has not been, and is not likely to be, received by the taxpayer, this Part (other than subsection 160ZD(2) ) applies as if there were no consideration in respect of the disposal or the consideration in respect of the disposal did not include that part of the consideration, as the case may be, and the debt that arose in relation to or by reason of the disposal shall be deemed not to be an asset to which this Part applies.

160ZF(2)   [Non-receipt attributable to act of taxpayer]  

Subsection (1) does not apply where the non-receipt or likely non-receipt by the taxpayer of the whole or part of the consideration is attributable to an act or thing done or omitted to be done by the taxpayer or by an associate of the taxpayer or the taxpayer has not taken all reasonable action to secure payment of the consideration or the unpaid part of the consideration.

160ZF(3)   [Consideration subsequently received]  

If, after the making in respect of the taxpayer of an assessment for the purposes of which subsection (1) has been applied, the consideration or part of the consideration is received by the taxpayer, that subsection shall be deemed not to have been applicable, or not to have been applicable in relation to that part of the consideration, as the case may be.

160ZF(4)   [Amendment of assessments]  

Nothing in section 170 prevents the amendment of an assessment for the purpose of giving effect to this section.