Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 4) 1986 No. 154 of 1986 - SECT 34

34. Section 160ZN of the Principal Act is amended-

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

"(b) if one of the joint tenants dies and the interest of the deceased person
in the asset was acquired by the deceased person before 20 September 1985-the
interest of the deceased person in the asset shall be deemed, for the purposes
of this Part, to have been acquired by the survivor, or if there are 2 or more
survivors, by those survivors in equal shares, on the date of the deceased
person's death and to have been so acquired for a consideration equal to the
market value of the interest at the date of the deceased person's death;"; and

   (b)  by inserting in paragraph (1) (c) "if one of the joint tenants dies
        and the interest of the deceased person in the asset was acquired by
        the deceased person on or after 20 September 1985-the interest of the
        deceased person in the asset shall be deemed, for the purposes of this
        Part, to have been acquired by the survivor or, if there are 2 or more
        survivors, by those
survivors in equal shares, on the date of the deceased person's death and"
before "the interest so acquired by a surviving joint tenant".