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Tax Laws Amendment (2006 Measures No. 4) Bill 2006

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The Parliament of the

Commonwealth of Australia






Tax Laws Amendment (2006 Measures No. 4) Bill 2006



(1)     Schedule 4, item 2, page 17 (line 30) to page 18 (line 7), omit subclause (3), substitute:

             (3)  The first element of the * cost base and * reduced cost base of a * CGT asset on 10 May 2005 is the * market value of the asset on that day if, on that day:

                     (a)  the CGT asset was a * membership interest you held in another entity; and

                     (b)  you were a foreign resident, or the trustee of a trust that was not a * resident trust for CGT purposes; and

                     (c)  the CGT asset was a * post-CGT asset; and

                     (d)  the CGT asset did not have the necessary connection with Australia (within the meaning of this Act as in force on that day) disregarding the operation of paragraph (b) of item 5 and paragraph (b) of item 6 of the table in section 136-25 (as in force on that day).

[cost base of membership interests held on 10 May 2005]

(2)     Schedule 4, page 33 (line 1), (cell at table item 28, 2nd column), omit the cell, substitute:

On 10 May 2005, a foreign resident holds certain membership interests

[cost base of membership interests held on 10 May 2005]