New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 25   Value shifting

Income Tax (Transitional Provisions) Act 1997

11   Subsection 723-1(1)

Repeal the subsection, substitute:

(1) Division 723 applies to a realisation event happening on or after 1 July 2002 to a CGT asset that, at the time of the event:

(a) is not a depreciating asset; or

(b) is an item of trading stock; or

(c) is a revenue asset.