Income Tax Amendment Regulations 2004 (No. 3) (115 of 2004)

Schedule 1   Amendments

[6]   Subregulations 152A (3) and (4)

substitute

(3) In this Part (other than in regulation 152D):

capital gains means gains or profits of a capital nature that arise from the sale or disposal of all or part of a CGT asset, other than gains or profits that would not be capital gains but for a provision of Australian tax law.

(4) In this Part:

passive income means passive income described in section 446 of the Act, subject to the following modifications:

(a) omit paragraph 446 (1) (k) and insert the following paragraph:

'(k) capital gains in respect of tainted assets;';

(b) if it is necessary to identify the designated concession income of an entity to which Division 6AAA of Part III of the Act applies, as part of using Schedule 9:

(i) read each reference, as appropriate, in Part X to a company as a reference to the entity; and

(ii) read each reference, as appropriate, in Part X to a statutory accounting period as a reference to a year of income;

(c) if it is necessary to identify the designated concession income of an entity to which section 23AH of Part III of the Act applies, as part of using Schedule 9, read each reference, as appropriate, in Part X to a statutory accounting period as a reference to a year of income.