INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION

Division 9B - State Bank of NSW

SECTION 121EN DEEMED DISPOSAL AND RE-ACQUISITION OF ASSETS

121EN(1) [Timing of deemed sale and re-acquisition]

Subject to subsection (2), for the purposes of the application of this Act (other than the excluded provisions mentioned in subsection (2)) to the NSW State Bank, the Bank is taken to have sold, immediately before the first taxing time, all of its assets and to have purchased each of the assets at the first taxing time for consideration equal to its market value at that time.

121EN(2) [Excluded provisions]

For the purposes of subsection (1), the excluded provisions are sections 54 to 62AAV and Divisions 10 to 10D .

121EN(3) [Treatment of bad debts]

To avoid doubt, an effect of subsection (1) is that the sum of all allowable deductions (if any) in respect of the writing off as bad of the whole or any part or parts of a debt to which that subsection applies will not exceed the market value of the debt at the first taxing time.

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