Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1992No. 80, 1992 - SECT 73

73.(1) In this section:

"amended Act" means the Principal Act as amended by this Act.

(2) If:

   (a)  apart from this subsection, subsection 160ZZS(1A) of the amended Act
        applies so as to deem an asset to have been acquired by a taxpayer at
        a time after 19 September 1985 and before 3 April 1992; and

   (b)  if subsection 160ZZS(2A) of the amended Act had not been enacted,
        section 160ZZS of the amended Act would not have applied so as to deem
        the asset to have been acquired by the taxpayer after 19 September
        1985; and

   (c)  the taxpayer disposes of the asset before 3 April 1992; section 160ZZS
        of the amended Act does not apply so as to deem the asset to have been
        acquired by the taxpayer after 19 September 1985.

(3) If:

   (a)  apart from this subsection, subsection 160ZZS(1A) of the amended Act
        applies so as to deem an asset to have been acquired by a taxpayer at
        a time after 19 September 1985 and before 3 April 1992; and

   (b)  if subsection 160ZZS(2A) of the amended Act had not been enacted,
        section 160ZZS of the amended Act would not have applied so as to deem
        the asset to have been acquired by the taxpayer after 19 September
        1985; and

   (c)  the taxpayer disposes of the asset after 2 April 1992; then:

   (d)  if, at all times during the period:

        (i)    commencing on 3 April 1992; and

        (ii)   ending immediately before the taxpayer disposed of the asset;
               majority underlying interests in the asset were held by natural
               persons who, immediately before that period, held majority
               underlying interests in the asset - section 160ZZS of the
               amended Act has effect as if the natural persons who held
               majority underlying interests in the asset immediately before
               the end of that period had held those interests at all times
               during the period:

        (iii)  commencing immediately before 20 September 1985; and

        (iv)   ending immediately before the taxpayer disposed of the asset;
               and
(e) if, at a particular time (in this paragraph called the "cessation time")
during the period:

        (i)    commencing on 3 April 1992; and

        (ii)   ending immediately before the taxpayer disposed of the asset;
               the natural persons who, immediately before the commencement of
               that period, held majority underlying interests in the asset,
               ceased, or first ceased, to hold those interests - section
               160ZZS of the amended Act has effect as if the natural persons
               who, immediately before 20 September 1985, held majority
               underlying interests in the asset had held those interests at
               all times during the period:

   (iii) commencing immediately before 20 September 1985; and

   (iv) ending at the cessation time.