Commonwealth Consolidated Acts

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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 701.25

No operation of value shifting and loss transfer provisions to membership interests in chosen transitional entities

                   If any provision of the Income Tax Assessment Act 1997 would, because of events that happened before the time the transitional group came into existence, apply to a CGT event that happens after that time to change the cost base or reduced cost base of the members' membership interests in a chosen transitional entity, the provision does not so apply.

Note:          For example, such a provision could otherwise apply where a loss transfer or value shift involving the entity has occurred.



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