Taxation Laws Amendment Act (No. 1) 1999 (16 of 1999)

Schedule 1   Denial of certain capital losses

Part 2   General on-going rollover etc. scheme amendments

Income Tax Assessment Act 1936

8   Subsection 177C(3)

Repeal the subsection, substitute:

(3) For the purposes of subparagraph (2)(a)(i), (b)(i) or (c)(i) or (2A)(a)(i) or (b)(i):

(a) the non-inclusion of an amount in the assessable income of a taxpayer; or

(b) the allowance of a deduction to a taxpayer; or

(c) the incurring of a capital loss by a taxpayer;

is taken to be attributable to the making of a declaration, election, agreement or selection, the giving of a notice or the exercise of an option where, if the declaration, election, agreement, selection, notice or option had not been made, given or exercised, as the case may be:

(d) the amount would have been included in that assessable income; or

(e) the deduction would not have been allowable; or

(f) the capital loss would not have been incurred.