Taxation Laws Amendment Act (No. 3) 1992 (98 of 1992)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 4   Amendments relating to pooled development funds Interpretation

18   Return of capital on investment in trust

Section 160ZM of the Principal Act is amended by omitting subsection (3A) and substituting the following subsection:

"(3A) In subsections (2) and (3):

'adjusted payment' means so much of the amount of the payment as is attributable to none of the following:

(a) a deduction allowed under Division 10C or 10D of Part III;

(b) income that is exempt from income tax because of section 124ZM or 124ZN (which exempt income arising from shares in a PDF);

(c) consideration in respect of a disposal of shares in a company that is a PDF at the time of the disposal.".