Taxation Laws Amendment Act (No. 4) 1995 (171 of 1995)

SCHEDULE 4   VARIOUS AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

PART 2   FORESTRY

3.   Section 124J

Add at the end:

"(2) For the purposes of subsection (1), if:

(a) the taxpayer acquired the land or the right, as the case may be, in a transaction where the parties did not deal with each other at arm's length in relation to the transaction; and

(b) the price paid by the taxpayer for the land or the right, as the case may be, was greater than was reasonable;

the price paid by the taxpayer for the land or the right, as the case may be, is taken to be the amount that would have been reasonable if the parties had dealt with each other at arm's length.".