Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 104.165

  (1)   This section applies if:

  (a)   a choice was made under subsection   104 - 165(2) of the Income Tax Assessment Act 1997 ; and

  (b)   because of the choice, an asset is taken to have the necessary connection with Australia under subsection   104 - 165(3) of the Income Tax Assessment Act 1997 just before the commencement of Schedule   4 of the Tax Laws Amendment (2006 Measures No.   4) Act 2006 .

  (2)   To avoid doubt, the choice has effect for the purposes of subsection   104 - 165(3) of the Income Tax Assessment Act 1997 as in force on and after that commencement.

Note:   This means that the asset will be taxable Australian property under the Income Tax Assessment Act 1997 as in force on and after that commencement.