Australian Capital Territory Numbered Acts
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TERRITORY OWNED CORPORATIONS (NO. 87 OF 1991) - SECT 7
Application of section 30 of Principal Act to Totalcare Industries Limited in relation to capital gains tax
7. (1) For the purposes of section 30 of the Principal Act as amended by this
Act, an asset vested in the Company on 1 January 1992—
(a) which was acquired by the Territory before 20
September 1985 is deemed to have been acquired by the Company before that
date; or
(b) which was acquired by
the Territory on or after 20 September 1985 and is disposed of by the Company
is deemed to have been acquired by the Company at a cost base to the Company
equal to the cost base that would have been the cost base, or the indexed cost
base, as the case may be, to the Territory of that asset if the asset had been
disposed of by the Territory.
(2) In this section—
“acquired”, in relation to an asset, means a change in the
ownership of the asset that is an acquisition of the asset for the purposes of
Part IIIA of the Commonwealth Act;
“asset” has the same meaning as
in Part IIIA of the Commonwealth Act;
“Commonwealth Act” means the
Income Tax Assessment Act 1936 of the Commonwealth;
“Company”
means Totalcare Industries Limited;
“cost base” has the meaning
given by section 160ZH of the Commonwealth Act;
“disposed of”, in
relation to an asset, means a change in the ownership of the asset that is a
disposal of the asset for the purposes of Part IIIA of the Commonwealth Act;
“indexed cost base” has the meaning given by section 160ZH of the
Commonwealth Act.
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