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

165   After subsection 725-335(3)

Insert:

Reducing uplift to prevent double increase in adjustable value

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