INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 20 - Changes in majority underlying interests in assets  

Subdivision C - Provisions applying to public entities  

SECTION 160ZZSB   DATE OF ACQUISITION OF ASSET IF FAILURE TO MAKE DETERMINATION ON TIME  

160ZZSB(1)   Section applies if determination not made in respect of test time.  

This section applies if a public entity that is required under subsection 160ZZSA(2) to make a determination in respect of an asset in respect of a test time fails duly to make the determination within the period applying under that subsection.

160ZZSB(2)   Failure to determine in respect of first test time.  

If the test time is the first test time, the asset is taken for the purposes of this Part to have been acquired by the entity on 20 September 1985.

160ZZSB(3)   Failure of public entity to determine in respect of first test time after it becomes a public entity.  

If:

(a) a public entity becomes a public entity after 20 January 1997; and

(b) the test time is the first time it is required to make a determination under subsection 160ZZSA(2) after it became a public entity;

the asset is taken for the purposes of this Part to have been acquired by the entity at the time when it became a public entity.

160ZZSB(4)   Failure to determine in respect of later test time.  

If the test time is later than the test time applicable under subsection (2) or (3), as the case may be, the asset is taken for the purposes of this Part to have been acquired by the entity on the most recent day in respect of which both the following conditions were satisfied:

(a) the day must have been a day on which a test time occurred;

(b) at the test time that occurred on the day, majority underlying interests in the asset must have been held by natural persons who held majority underlying interests in the asset at the base time.

160ZZSB(5)   Consideration for acquisition of asset.  

If an asset is taken by subsection (2), (3) or (4) to have been acquired by a public entity on a particular day, the entity is taken to have acquired the asset for a consideration equal to the market value of the asset on that day.