Income Tax (Transitional Provisions) Act 1997
View history note
Hide history noteThis section applies if:
(a) a choice was made under subsection 104-165(2) of the Income Tax Assessment Act 1997 ; and
(b) because of the choice, an asset is taken to have the necessary connection with Australia under subsection 104-165(3) of the Income Tax Assessment Act 1997 just before the commencement of Schedule 4 of the Tax Laws Amendment (2006 Measures No 4) Act 2006 .
104-165(2)
To avoid doubt, the choice has effect for the purposes of subsection 104-165(3) of the Income Tax Assessment Act 1997 as in force on and after that commencement.
Note:
This means that the asset will be taxable Australian property under the Income Tax Assessment Act 1997 as in force on and after that commencement.
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