Commonwealth Numbered Acts

INCOME TAX ASSESSMENT AMENDMENT (CAPITAL GAINS) ACT 1986 No. 52 of 1986 - SECT 31

31. Section 221YC of the Principal Act is amended by inserting after
sub-section (1) the following sub-section:

"(1AA) The reference in paragraph (1) (a) to the income tax assessed in
respect of the taxable income of the year next preceding the year of income,
or the reference in paragraph (1) (b) to the income tax which would have been
payable in respect of the taxable income of the year next preceding the year
of income, shall, if sub-section 221YA (1B) applies in relation to that
taxable income, be construed as a reference to the income tax that would have
been payable in respect of that taxable income if the net capital gain
referred to in that sub-section had not been included in the assessable income
of the taxpayer for that year.".