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Tax Laws Amendment (2009 Measures No. 2) Bill 2009

Schedule 3 Tax benefits and capital gains tax


Income Tax Assessment Act 1997

1  Paragraph 118-37(1)(h)

Repeal the paragraph, substitute:

                     (h)  a right or entitlement to a * tax offset, a * deduction, or a similar benefit under an * Australian law, a * foreign law or a law of part of a foreign country;

2  Application

The amendment made by this Schedule applies in relation to a CGT event happening in:

                     (a)  the 2009-10 income year; or

                     (b)  a later income year.