Tax Laws Amendment (2011 Measures No. 2) Act 2011 (41 of 2011)

Schedule 5  

Part 24   Prevention of double counting for direct value shifts

Income Tax Assessment Act 1997

163   At the end of section 725-250

Add:

Reducing uplift to prevent double increase in cost base etc.

(3) However, if, apart from paragraph (2)(b), an amount is included in the *cost base or *reduced cost base of an *up interest as a result of the *scheme under which the *direct value shift happens, the uplift in the *adjustable value of the interest under that paragraph is reduced by that amount.