Commonwealth Numbered Acts

TREASURY LAWS AMENDMENT (2017 MEASURES NO. 1) ACT 2017 (NO. 26, 2017) - SCHEDULE 1

Income Tax Assessment Act 1997

1  Paragraph 104-71(3)(aa)

Omit " * ESVCLP because of", substitute "entity because of section 51-52 or".

2  Paragraph 104-71(3)(b)

Omit "proceeds", substitute " * capital proceeds".

3  Paragraphs 104-71(3)(c) and (d)

Omit "proceeds", substitute "capital proceeds".

4  At the end of subsection 104-71(3)

Add:

               ; or (e)  capital proceeds from a CGT event if a capital gain made from the event may be disregarded under subsection 360-50(4).

5  Application of amendments

(1)       The amendment made by item 1 of this Schedule applies in relation to payments made, in respect of a unit or interest in a trust, in an income year starting on or after 1 July 2016.

(2)       The amendment made by item 4 of this Schedule applies to a CGT event that happens on or after 1 July 2017.