Commonwealth Consolidated Acts

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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 112.20

Market value substitution rule

                   In working out the cost base and reduced cost base of a CGT asset:

                     (a)  that you acquired before 16 August 1989; and

                     (b)  to which paragraph 112-20(2)(b) or (c), or item 5 or 6 in the table in subsection 112-20(3), of the Income Tax Assessment Act 1997 would apply (apart from this section);

disregard subsections 112-20(2) and (3) of that Act.

Note:          This section preserves the pre-16 August 1989 position for, among other things, shares or units issued or allotted to you by allowing the market value substitution rule to apply.

Table of sections

112-100    Effect of terminated gold mining exemptions



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