Taxation Ruling IT 2483A - Addendum - Income tax: takeovers and company recontructions - exchange of shares by life assurance companies and other financial institutions for shares or shares and cash - whether realization of profit - whether profit is assessable



Ruling: 1. Paragraph 2: Omit 'subsection 25(1) of the Income Tax Assessment Act'; substitute 'subsection 25(1) of the Income Tax Assessment Act 1936 (section 6-5 of the Income Tax Assessment Act 1997 with effect from and including the 1997-98 income year)'. | 2. Paragraph 6: Omit 'subsection 25(1)'; substitute 'section 6-5'. | 3. Paragraph 7: Omit 'subsection 25(1)/51(1)'; substitute 'sections 6-5/8-1'. | 4. Paragraph 10: Omit 'Companies Code'; substitute 'Corporations Law'. Commissioner of Taxation 25 February 1998




The Tax Law Improvement Project is restructuring, renumbering and rewriting the income tax law in plain language. The Parliament is amending the income tax law progressively to reflect these aims. As new laws come into effect, Taxation Rulings about old laws are being brought into line with them.


Related rulings: IT 2483
Legislative references: ITAA 1997 section 6-5 ITAA 1997 section 8-1