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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 104.165

Choices made under subsection 104-165(2) of the Income Tax Assessment Act 1997

             (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.



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