Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1992No. 80, 1992 - SECT 41

41. Section 160ZZNA of the Principal Act is amended:

   (a)  by inserting after paragraph (2)(d) the following paragraphs:

"(da) the eligible asset is not trading stock of the company immediately after
its acquisition by the company; and

   (db) if:

        (i)    the eligible 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";

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

"(15) Section 170 does not prevent the amendment of an assessment at any time
for the purpose of giving effect to paragraph (2)(db).".