2004-2005-2006

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

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

 

 

(Government)

(1)     Schedule 4, item 2, page 17 (after line 29), at the end of section 855-25, add:

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

                     (a)  the CGT asset was held by:

                              (i)  an individual or company that was a foreign resident; or

                             (ii)  the trustee of a trust that was not a * resident trust for CGT purposes; and

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

                     (c)  the CGT asset did not have the necessary connection with Australia (within the meaning of this Act as in force on that day); and

                     (d)  the CGT asset was an * indirect Australian real property interest (within the meaning of this Act as at the commencement of this section).

             (4)  Also, Parts 3-1 and 3-3 apply to the asset as if you had * acquired it on that day.

[cost base of indirect Australian real property interests]

(2)     Schedule 4, page 32 (after line 26), after item 38, insert:

38A  Section 112-97 (at the end of the table)

Add:

28

You have an * indirect Australian real property interest on 10 May 2005

first element of * cost base and * reduced cost base

subsection 855-25(3)

[cost base of indirect Australian real property interests]

(3)     Schedule 4, item 67, page 37 (lines 17 to 19), omit the item, substitute:

67  Paragraph 125-70(1)(f)

Repeal the paragraph.

[demergers]