Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 112.20

    In working out the cost base and reduced cost base of a CGT asset:

  (a)   that you acquired before 16   August 1989; and

  (b)   to which paragraph   112 - 20(2)(b) or (c), or item   5 or 6 in the table in subsection   112 - 20(3), of the Income Tax Assessment Act 1997 would apply (apart from this section);

disregard subsections   112 - 20(2) and (3) of that Act.

Note:   This section preserves the pre - 16   August 1989 position for, among other things, shares or units issued or allotted to you by allowing the market value substitution rule to apply.

Table of sections

112 - 100   Effect of terminated gold mining exemptions