Taxation Laws Amendment Act 1994 (56 of 1994)

Part 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 7   Heritage conservation rebate

54   Reduction of amounts for purposes of reduced cost base

Section 160ZK of the Principal Act is amended:

(a) by inserting after subsection (1) the following subsection:
            

"(1A) The reference in paragraph (1)(a) to any part of the consideration, of the costs or of the expenditure that has been allowed, or is allowable as a deduction to the taxpayer in respect of any year of income is taken to include an amount that, apart from subsections 124ZB(4) and 124ZG(5), would have been so allowed or allowable under Division 10C or 10D of Part III.";

(b) by inserting after subsection (3) the following subsection:
            

"(3A) The reference in paragraph (3)(a) to any part of the consideration, of the costs or of the expenditure that has been allowed, or is allowable as a deduction to the partnership in respect of any year of income is taken to include an amount that, apart from subsections 124ZB(4) and 124ZG(5), would have been so allowed or allowable under Division 10C or 10D of Part III.".