Tax Laws Amendment (Norfolk Island CGT Exemption) Act 2016 (20 of 2016)

Schedule 1   Norfolk Island capital gains tax exemption

Income Tax (Transitional Provisions) Act 1997

5   Subsection 102-25(2)

Omit all the words after paragraph (d), substitute:

then Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 apply in relation to the asset as if references in those Parts to 20 September 1985 were references to 24 October 2015.