History
S 24P(5) amended by No 101 of 2006, No 46 of 1998.
S 24P repealed by No 53 of 2015, s 3 and Sch 1 item 1, applicable in relation to the 2016-17 income year and later income years. S 24P formerly read:
SECTION 24P TRANSITIONAL CAPITAL GAINS TAX PROVISIONS FOR CERTAIN COCOS (KEELING) ISLANDS ASSETS
24P(1)
Subject to an election under subsection (5), this section applies to a CGT asset held by a taxpayer where all of the following conditions are satisfied:
(a)
the asset was owned by the taxpayer at the end of 30 June 1991;
(b)
if there had been a disposal (within the meaning of former Part IIIA) of the asset by the taxpayer on 1 July 1991, that Part would have applied in respect of that disposal (ignoring former section 160ZZF and former Divisions 5A, 7A and 17 of that Part);
(c)
if:
(i)
there had been a disposal (within the meaning of former Part IIIA) of the asset by the taxpayer on 1 July 1991; and
(ii)
profits or gains of a capital nature had been derived by the taxpayer in respect of that disposal; and
(iii)
former section 24BB had not been enacted; and
(iv)
former section 24BA had applied in relation to the year of income in which disposal occurred;
the profits or gains would have been exempt income under this Division.
History
Archived:
S 24P(1)(b) substituted by
No 101 of 2006
, s 3 and Sch 2 item 173, effective 14 September 2006. For
application and savings provisions
and for former wording see the
CCH Australian Income Tax Legislation archive
.
History
S 24P(1)(c) amended by
No 101 of 2006
, s 3 and Sch 2 items 174 to 176, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the
CCH Australian Income Tax Legislation archive
.
S 24P(1) amended by No 46 of 1998.
24P(2)
For the purposes of Parts 3-1 and 3-3 of the
Income Tax Assessment Act 1997
:
(a)
except for the purposes of determining the cost base to the taxpayer of the asset
-
the asset is taken to have been acquired by the taxpayer on 30 June 1991; and
(b)
the first element of the asset
'
s cost base in the hands of the taxpayer (at the end of 30 June 1991) is its market value at that time.
History
24P(2) amended by No 46 of 1998.
24P(3)
Despite Division 121 of the
Income Tax Assessment Act 1997
, the taxpayer is not required to keep records of the date of acquisition of the asset, or its cost base on 30 June 1991.
History
S 24P(3) substituted by No 46 of 1998.
24P(4)
(Repealed by No 46 of 1998)
24P(5)
If, as at the date on which a CGT event happens in relation to the asset, the taxpayer has complied with former section 160ZZU of this Act and Division 121 of the
Income Tax Assessment Act 1997
in relation to the asset, the taxpayer may elect that this section does not apply in relation to the asset.
History
S 24P(5) amended by
No 101 of 2006
, s 3 and Sch 2 item 177, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the
CCH Australian Income Tax Legislation archive
.
S 24P(5) amended by No 46 of 1998.
24P(6)
(Repealed by No 41 of 1998)
History
Archived:
S 24P(7) repealed as inoperative by
No 101 of 2006
, s 3 and Sch 1 item 51, effective 14 September 2006. For
application and savings provisions
and for former wording see the
CCH Australian Income Tax Legislation archive
.
S 24P inserted by No 100 of 1991.
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