Tax Laws Amendment (Research and Development) Act 2011 (93 of 2011)

Schedule 3   Other amendments relating to new R&D incentive

Part 6   Other amendments

Income Tax Assessment Act 1997

82   Subsection 104-240(1) (note)

Repeal the note, substitute:

Note 1: This subsection applies in a modified way if you used the asset for the purpose of carrying on research and development activities (within the meaning of former section 73B of the Income Tax Assessment Act 1936): see section 104-235 of the Income Tax (Transitional Provisions) Act 1997.

Note 2: The CGT concepts of cost base and capital proceeds are not relevant for this event.