Tax Laws Amendment (2011 Measures No. 2) Act 2011 (41 of 2011)

Schedule 5  

Part 19   Nomination of controllers of discretionary trust

Income Tax Assessment Act 1997

105   Application and transitional provisions

Application provision

(1) Section 152-78 of the Income Tax Assessment Act 1997 applies:

(a) for the purposes of the following provisions relating to CGT events that happen on or after the day this Act receives the Royal Assent:

(i) Subdivision 152-A of that Act;

(ii) sections 328-110, 328-115 and 328-125 of that Act so far as they relate to that Subdivision; and

(b) for the purposes of the following provisions (and not any other provisions of Subdivision 152-A of that Act) relating to CGT events that happen before the day this Act receives the Royal Assent but after the start of the 2007-08 income year:

(i) paragraph 152-10(1A)(a) of that Act;

(ii) another provision of that Subdivision so far as the provision relates to that paragraph;

(iii) sections 328-110, 328-115 and 328-125 of that Act so far as they relate to a provision covered by subparagraph (i) or (ii) of this paragraph.

Note: Section 152-78 of the Income Tax Assessment Act 1997 does not apply for the purposes of a provision of Subdivision 152-A of that Act that is not covered by subparagraph (1)(b)(i) or (ii) of this item relating to CGT events that happen between the start of the 2007-08 income year and the day this Act receives the Royal Assent.

(2) The repeal of section 152-42 of the Income Tax Assessment Act 1997 applies for the purposes of subparagraph 152-40(1)(a)(iii) or paragraph 152-40(1)(b) of that Act relating to CGT events that happen on or after the day this Act receives the Royal Assent.

Extension of time to make choice

(3) Subitem (4) applies in relation to:

(a) a CGT event that happened before the day this Act receives the Royal Assent; and

(b) an entity that becomes eligible to make a choice under Division 152 of the Income Tax Assessment Act 1997 in relation to that event because of the satisfaction of the conditions in subsection 152-10(1A) of that Act because of this Part.

(4) Despite subsection 103-25(1) of the Income Tax Assessment Act 1997, any such choice by the entity must be made by the latest of:

(a) the day the entity lodges its income tax return for the income year in which the relevant CGT event happened; and

(b) 12 months after the day this Act receives the Royal Assent; and

(c) a later day allowed by the Commissioner of Taxation.