Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 4) 1987 No. 138 of 1987 - SECT 37

37. Section 149A of the Principal Act is amended by omitting subsection (1)
and substituting the following subsection:

"(1) For the purposes of this Division (including the purpose of determining
whether this Division applies to the income of a taxpayer):

   (a)  references in this Division to the assessable income of a taxpayer
        shall be read as references to the amount that would have been the
        assessable income if the assessable income did not include any net
        capital gain within the meaning of Part IIIA; and

   (b)  references in this Division to the taxable income of a taxpayer shall
        be read as references to the amount that would have been the taxable
        income if:

        (i)    the assessable income did not include any net capital gain
               within the meaning of Part IIIA; and

        (ii)   the taxable income were reduced by so much of the taxable
               income as consists of an abnormal income amount as specified in
               section 158L.".