Tax Laws Amendment (Norfolk Island CGT Exemption) Act 2016 (20 of 2016)

Schedule 1   Norfolk Island capital gains tax exemption

Income Tax (Transitional Provisions) Act 1997

6   Subsections 102-25(3) and (4)

Repeal the subsections, substitute:

(3) Despite Division 121 of the Income Tax Assessment Act 1997, the entity is not required to keep records of:

(a) the date of acquisition of an asset in relation to which subsection (1) of this section applies, or its cost base on 30 June 1991; or

(b) the date of acquisition of an asset in relation to which subsection (2) of this section applies.

(4) However, the entity may choose that subsection (1) does not apply in relation to an asset to which it would (apart from this subsection) apply if:

(a) a CGT event happens in relation to the asset; and

(b) as at the date on which it happens, the entity has complied with Division 121 of the Income Tax Assessment Act 1997 in relation to the asset.