Income Tax Assessment Act 1936
View history note
Hide history noteThis section applies to shares in a company that a taxpayer holds when the company becomes a PDF.
124ZQ(2) [Period when shares held]In determining for the purposes of this Act whether an amount is or was allowable as a deduction to the taxpayer in respect of acquiring the shares, the shares are taken to have been shares in a PDF throughout the period beginning immediately before the taxpayer acquired them and ending when the company became a PDF.
124ZQ(3) [Shares not trading stock]For the purposes of this Act, the shares are taken to have been trading stock of the taxpayer at no time during that period.
124ZQ(4) [Amendment of assessment]Section 170 does not prevent an assessment from being amended to give effect to this section.
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