Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1992No. 80, 1992 - SECT 40

40. Section 160ZZN of the Principal Act is amended:

   (a)  by inserting in subparagraph (2)(a)(i) "(in this section called a
'roll-over asset')" after " asset";

   (b)  by inserting in subparagraphs (2)(a)(ii), (iii) and (iv) and
        (4)(a)(i), (ii), (iii) and (iv) "(in this section also called a
        'roll-over asset')" after

"asset" (first occurring);

   (c)  by inserting after paragraph (2)(c) the following paragraphs:

"(caa) the roll-over asset is not trading stock of the company immediately
after its acquisition by the company;

   (cab) if:

        (i)    the roll-over asset is:

                (A)  a right to which Division 10 or 10A applies; or

                (B)  an option to which Division 11, 11A or 13 applies; or

                (C)  a convertible note to which Division 12 or 12A applies;
                     and

        (ii)   as a result of the exercise of the right or option, or the
               conversion of the convertible note, the company acquires
               another asset (in this paragraph called the 'derived asset');
               the derived asset is not trading stock of the company
               immediately after its acquisition by the company; and";

   (d)  by inserting in paragraphs (2)(ba), (e) and (f), (4)(ba), (c), (e) and
(f) and subsection (8) "roll-over" before "asset" (wherever occurring);
(e) by omitting from subsections (3), (5), (5A), (7) and (9) "an asset" and
substituting "a roll-over asset";

   (f)  by omitting "and" from the end of paragraph (4)(c);

   (g)  by inserting after paragraph (4)(c) the following paragraphs:

"(ca) the roll-over asset is not trading stock of the company immediately
after its acquisition by the company;

   (cb) if:

        (i)    the roll-over asset is:

                (A)  a right to which Division 10 or 10A applies; or

                (B)  an option to which Division 11, 11A or 13 applies; or

                (C)  a convertible note to which Division 12 or 12A applies;
                     and

        (ii)   as a result of the exercise of the right or option, or the
               conversion of the convertible note, the company acquires
               another asset (in this paragraph called the 'derived asset');
               the derived asset is not trading stock of the company
               immediately after its acquisition by the company; and";

   (h)  by adding at the end the following subsection:

"(10) Section 170 does not prevent the amendment of an assessment at any time
for the purpose of giving effect to paragraph (2)(cab) or (4)(cb).".