Tax Laws Amendment (2013 Measures No. 1) Act 2013 (119 of 2013)

Schedule 1   Strengthening scrip for scrip roll-over, small business entity and other concessions

Part 3   Entity making the gain or loss

Income Tax Assessment Act 1997

20   Application of amendments

(1) The amendments made by this Part apply:

(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 the commencement of this item; 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 the commencement of this item; and

(c) otherwise - in relation to income years commencing on or after the commencement of this item.

(2) 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.