Commonwealth Numbered Acts

SOCIAL SECURITY LEGISLATION AMENDMENT ACT 1992 No. 81, 1992 - SECT 50

50. Section 1082 of the Principal Act is amended:

   (a)  by omitting from subsection (1) "If" and substituting "Subject to
        subsection (4), if";
(b) by omitting from subsection (2) "this section" and substituting
"subsection (1)";

   (c)  by adding at the end the following subsections:

"(4) This section does not apply to the realisation of a person's
market-linked investment if:

   (a)  the investment is in a public unit trust; and

   (b)  the trust is a property trust; and

   (c)  the trust is not listed on a stock exchange; and

   (d)  the person made or acquired the investment before 9 September 1988;
        and

   (e)  the investment is realised on or after 24 July 1991 and before 23 July
        1992; and

   (f)  the investment is realised due to a restructuring of the trust.

"(5) For the purposes of paragraph (4)(f), a person's investment is realised
due to a restructuring if:

   (a)  in realising the investment the person exchanges the investment for an
        investment in another public unit trust that is a property trust; and

   (b)  the same manager manages both the investments referred to in paragraph
        (a).".