INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 20 - Changes in majority underlying interests in assets  

Subdivision B - Provisions applying to taxpayers other than public entities  

SECTION 160ZZS   CHANGES IN MAJORITY UNDERLYING INTERESTS IN ASSETS OF TAXPAYERS OTHER THAN PUBLIC ENTITIES  

160ZZS(1AA)   [Where Subdiv C applies]  

This section does not apply to a taxpayer that is a public entity in respect of an asset to which Subdivision C applies.

160ZZS(1)   [Deemed acquisition after 19 September 1985]  

For the purposes of the application of this Part in relation to a taxpayer, an asset acquired by the taxpayer on or before 19 September 1985 shall be deemed to have been acquired by the taxpayer after that date unless the Commissioner is satisfied, or considers it reasonable to assume, that, at all times after that date when the asset was held by the taxpayer, majority underlying interests in the asset were held by natural persons who, immediately before 20 September 1985, held majority underlying interests in the asset.

160ZZS(1A)   [Time when change in majority underlying interests occurred]  

If subsection (1) applies so as to deem an asset to have been acquired by a taxpayer after 19 September 1985:

(a) the time when the taxpayer is taken, for the purposes of this Part, to have acquired the asset is the time when the natural persons who, immediately before 20 September 1985, held majority underlying interests in the asset ceased, or first ceased, to hold those interests; and

(b) the taxpayer is taken to have acquired the asset for a consideration equal to the market value of the asset as at the time mentioned in paragraph (a).

160ZZS(2)    

160ZZS(2A)    

160ZZS(3)