Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 109.5

  (1)   If:

  (a)   the circumstances specified in the second column of the table in subsection   109 - 5(2) of the Income Tax Assessment Act 1997 for CGT event E1, E2 or E3 happened in relation to an asset before 12 noon, by legal time in the Australian Capital Territory, on 12   January 1994; and

  (b)   the trustee that owned the asset just after those circumstances happened also owned it at all times from then until the start of the trustee's 1998 - 99 income year;

the question whether those circumstances resulted in an acquisition of an asset by the trustee is to be determined under the Income Tax Assessment Act 1936 as in force just before 12 noon, by legal time in the Australian Capital Territory, on 12   January 1994.

  (2)   The acquisition rule for CGT event E9 (about an entity creating a trust over future property) in the table in subsection   109 - 5(2) of the Income Tax Assessment Act 1997 does not apply to you as trustee if the agreement to create the trust was made before 12 noon, by legal time in the Australian Capital Territory, on 12   January 1994.

Table of Subdivisions

110 - A   Cost base

Table of sections

110 - 25   Cost base of CGT asset of life insurance company or registered organisation

110 - 35   Incidental costs