Commonwealth Numbered Acts

INCOME TAX ASSESSMENT AMENDMENT (CAPITAL GAINS) ACT 1986 No. 52 of 1986 - SECT 13

13. Section 82KZF of the Principal Act is amended-

   (a)  by omitting paragraph (1) (a) and substituting the following
        paragraph:

"(a) the rental property loan interest of a company that is a resident (in
this section referred to as the 'transferor') in relation to a year of income
exceeds the sum of-

        (i)    the amount (if any) of the deduction allowable to the
               transferor under section 51 in the year of income in respect of
               that rental property loan interest; and

        (ii)   the amount (if any) by which a capital gain or capital gains
               that, but for sub-section 160ZA (1), would be deemed by Part
               IIIA to have accrued to the transferor during the year of
               income in respect of the disposal of a prescribed asset or
               prescribed assets (within the meaning of section 160ZA) is
               reduced by virtue of sub-section 160ZA (1); and";

   (b)  by omitting from sub-section (1) "and this Subdivision" and
        substituting ", this Subdivision and Part IIIA"; and

   (c)  by omitting from sub-section (3) "the rental property income of the
        transferee of that year of income" and substituting "the sum of the
        rental property income of the transferee of that year of income and
        the amount (if any) of the capital gain or capital gains that, but for
        sub-section 160za (1), would be deemed by Part IIIa to have accrued to
        the transferee during the year of income in respect of the disposal of
        a prescribed asset or prescribed assets (within the meaning of section
        160ZA)".