Commonwealth Numbered Acts Commonwealth Numbered Acts
Income Tax Assessment Act 1997
1 Section 152-5
Omit:
Additional basic conditions must be satisfied if the CGT asset is a share in a company or an interest in a trust.
substitute:
Additional basic conditions must be satisfied in the following circumstances:
(a) the CGT asset is a share in a company or an interest in a trust;
(b) the CGT event involves certain rights or interests in relation to the income or capital of a partnership.
2 After subsection 152-10(2B)
Insert:
Additional basic condition for CGT events involving certain rights or interests in relation to the income or capital of a partnership
(2C) If the * CGT event involves the creation, transfer, variation or cessation of a right or interest that would entitle an entity to:
(a) an amount of the income or capital of a partnership; or
(b) an amount calculated by reference to a partner's entitlement to an amount of income or capital of a partnership;
it is an additional basic condition that the right or interest is a * membership interest of the entity in the partnership:
(c) immediately after the CGT event happens; or
(d) if the CGT event involved the cessation of the right or interest--immediately before the CGT event happens.
3 Application
The amendments made by this Schedule apply in relation to CGT events happening after 7.30 pm, by legal time in the Australian Capital Territory, on 8 May 2018.