Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT 1993No. 17, 1993 - SECT 56

56.(1) Subject to subsection (2), the amendments made by this Division apply
to the disposal of assets after 16 December 1992. In the case of the amendment
inserting section 160ZZOA, this means that only disposals after that date are
taken into account for any purpose under that section, including determining
which disposals constitute a series of group roll-over disposals.

(2) If:

   (a)  there is a deemed disposal and re-acquisition of an asset at a time
        after 16 December 1992 under paragraph 160ZZO(1)(g) or (h) of the
        Principal Act (in its continued operation in spite of the amendments
        made by this Division); and

   (b)  if, contrary to subsection (1), the amendments made by this Division
        had applied to disposals of assets on or before 16 December 1992,
        section 160ZZOA of the Principal Act as amended by this Division would
        not have applied to deem there to have been a disposal and
        re-acquisition of the asset in the same circumstances as cause the
        deemed disposal and re-acquisition under paragraph 160ZZO(1)(g) or
        (h); then paragraph 160ZZO(1)(g) or (h) does not apply to deem there
        to have been a disposal and re-acquisition of the asset in those
        circumstances.