Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 713.545

    The Income Tax Assessment Act 1997 applies as if the capital gain referred to in paragraph   713 - 535(2)(b), (3)(b) or (5)(b) were a discount capital gain if:

  (a)   the asset to which the deferral event happened is a virtual PST asset; and

  (b)   the asset was acquired less than 12 months before the deferral event happened; and

  (c)   the new event happens at least 12 months after the asset was acquired.

Table of sections

713 - 700   Application