Commonwealth Numbered Acts

INCOME TAX ASSESSMENT AMENDMENT (CAPITAL GAINS) ACT 1986 No. 52 of 1986 - SECT 17

17. After section 149 of the Principal Act the following section is inserted:
Capital gains to be disregarded

"149A. (1) For the purposes of the application of this Division in relation to
a taxpayer (including the purpose of determining whether this Division applies
to the income of a taxpayer), references in this Division to the assessable
income or taxable income of the taxpayer of any year of income shall be read
as references to the respective amounts (if any) that would have been the
assessable income and taxable income of the taxpayer of that year of income
but for section 160ZO.

"(2) A reference in sub-section (1) to the assessable income or taxable income
of a taxpayer of a year of income shall, in relation to a taxpayer in the
capacity of trustee of a trust estate, be read as a reference to the
assessable income or net income, as the case may be, of the trust estate of
the year of income.".