Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1993No. 18, 1993 - SECT 48

48. Section 539 of the Principal Act is amended:
(a) by inserting in paragraph (3) (a) "company or" before "trust";

   (b)  by omitting paragraph (3) (b) and substituting the following
        paragraph:

"(b) the interest is included in a class of interests for which, at intervals
of not more than 12 months:

        (i)    the company, or the trustee or manager of the trust, offered a
               buy-back or redemption price; or

        (ii)   an associate of the company, or of the trustee or manager,
               offered a purchase price; and";

   (c)  by omitting from paragraph (3) (c) "or redemption" and substituting ",
        redemption or purchase";
(d) by inserting in subparagraph (3) (c) (ii) "company or" before "trust";

   (e)  by omitting from subsection (4) all the words after paragraph

   (b)  and substituting:

"(c) neither subsection (2) nor (3) applies to the class of interests in which
the interest is included; and

   (d)  subsection (2) or (3) would apply to the class of interests in both of
        the following cases:

        (i)    if the relevant day were instead the last reporting day for the
               FIF before 1 January 1993;

        (ii)   if the relevant day were instead the next reporting day for the
               FIF on or after 1 January 1993, being a reporting day that is
               not more than 12 months after the one referred to in
               subparagraph (i); the market value of the interest on the
               relevant day is the average of the 2 market values that would
               be applicable under paragraph (d) on the reporting days
               referred to in subparagraphs (d) (i) and (ii).".