INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
PART III
-
LIABILITY TO TAXATION
Division 1
-
General
SECTION 22
22
INCOME ARISING FROM PAST TRANSACTIONS
Where any income is received in the year of income as a result of a transaction entered into prior to the commencement of this Act, and that income would have been assessable income under the previous Act if that Act had continued in force and had applied to the assessment of the income derived in the year of income, that income shall be assessable under this Act notwithstanding that the transaction was entered into prior to that commencement.
Where any income is received in the year of income as a result of a transaction entered into prior to the commencement of this Act, and that income would have been assessable income under the previous Act if that Act had continued in force and had applied to the assessment of the income derived in the year of income, that income shall be assessable under this Act notwithstanding that the transaction was entered into prior to that commencement.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.