Pt 3-1 inserted by No 46 of 1998.

Div 106 inserted by No 46 of 1998.

S 106-35 substituted by No 119 of 2013, s 3 and Sch 1 item 16, applicable:

(a) to the extent the amendments affect the A New Tax System (Wine Equalisation Tax) Act 1999 - in relation to financial years commencing on or after 30 June 2013; and

(b) to the extent the amendments affect Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 (about capital gains and losses) - in relation to CGT events happening on or after 30 June 2013; and

(c) otherwise - in relation to income years commencing on or after 30 June 2013.

An entity may choose to have the amendments also apply, in relation to the entity:

(a) to the extent the amendments affect Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 - in relation to CGT events happening during the 2008-09 income year and later income years; and

(b) other than to the extent the amendments affect those Parts or the A New Tax System (Wine Equalisation Tax) Act 1999 - in relation to the 2008-09 income year and later income years.

S 106-35 formerly read:

SECTION 106-35 Effect of liquidation  
106-35
This Part and Part 3-3 apply to an act done by a liquidator of a company, or the holder of a similar office under a *foreign law, as if the act had been done instead by the company.

Example:

Ben, a liquidator of a company, sells a CGT asset of the company. Any capital gain or loss is made by the company, not by Ben.

S 106-35 inserted by No 46 of 1998.