Income Tax Assessment Act 1997

Pt 3-1 inserted by No 46 of 1998.

Div 109 inserted by No 46 of 1998.

S 109-15 repealed by No 119 of 2013, s 3 and Sch 1 item 18, applicable:

(a) to the extent the amendments affect the A New Tax System (Wine Equalisation Tax) Act 1999 - in relation to financial years commencing on or after 30 June 2013; and

(b) to the extent the amendments affect Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 (about capital gains and losses) - in relation to CGT events happening on or after 30 June 2013; and

(c) otherwise - in relation to income years commencing on or after 30 June 2013.

An entity may choose to have the amendments also apply, in relation to the entity:

(a) to the extent the amendments affect Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 - in relation to CGT events happening during the 2008-09 income year and later income years; and

(b) other than to the extent the amendments affect those Parts or the A New Tax System (Wine Equalisation Tax) Act 1999 - in relation to the 2008-09 income year and later income years.

S 109-15 formerly read:

SECTION 109-15 Exceptions  
109-15
You do not acquire a *CGT asset if the asset was *disposed of:

(a) to provide or redeem a security; or

(b) because of the vesting of the asset in a trustee under the Bankruptcy Act 1966 or under a similar *foreign law; or

(c) because of the vesting of the asset in a liquidator of a company, or the holder of a similar office under a foreign law.

S 109-15 substituted by No 114 of 2000 and inserted by No 46 of 1998.