Tax Laws Amendment (2012 Measures No. 2) Act 2012 (99 of 2012)
Schedule 3
Part 1 Pre rules
Income Tax Assessment Act 1997
2 Subsection 701-55(6)
Repeal the subsection, substitute:
Other provisions
(6) If any provision of this Act that is not mentioned above is to apply in relation to the asset, the expression means that the provision applies as if the asset’s cost at that time were equal to its *tax cost setting amount.
Note: For specific clarifications of the operation of this subsection in relation to bad debts, see Subdivision 716-S.
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