Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (NO. 6) 1999 NO. 54, 1999 - SCHEDULE 2--Technical

1 Section 2-30

Omit "Except where the gaps follow a regular pattern, notes are", substitute "Where the reason for a gap is not apparent, a note is".

2 Subsection 20-20(2)

Omit "An amount you receive", substitute "An amount you have received".

3 Paragraph 20-20(2)(a)

Omit "receive", substitute "received".

4 Subsection 20-20(3)

Omit "An amount you receive", substitute "An amount you have received".

5 After subsection 41-30(2)

Insert:

(2A) If the transferee gains the entitlement, the transferee cannot also deduct under the rules for the ^* capital allowance any expenditure incurred in order for the transferee to acquire the property or otherwise become its owner or ^* quasi-owner.

6 Section 42-315

After "over land", insert "granted by an ^* exempt Australian government agency or an ^* exempt foreign government agency".

7 Section 42-315

After "a grant", insert "(by such an agency)".

8 Section 50-25 (table item 5.2)

Omit "a ^* Commonwealth law", substitute "an ^* Australian law".

9 Before section 70- 1

Insert:

Guide to Division 70 10 Paragraph 70-100(10)(a)

Omit "transferee", substitute "transferor".

11 Section 70-110 (example 2)

Omit "purposes: see Subdivision 42-B", substitute "purposes (see Subdivision 42-B) and the item's cost base for CGT purposes (see Division 110)".

12 Section 385-5 (table item 1)

Omit "60-D", substitute "70-D".

13 Section 385-5 (table item 2)

Omit "60-D", substitute "70-D".

14 Subsection 387-305(1) (note 2)

Repeal the note, substitute:

Note 2: If an amount of the expenditure is recouped, the amount may be included in your assessable income. See Subdivision 20-A.

Omit "sections 387-370", substitute "section 387-370".

16 Application

The amendments made by this Schedule apply to assessments for the 1997-98 income year and later income years.