Document ID: chunk:federal_register_of_legislation:C2010A00136:clause:2_12
Version: federal_register_of_legislation:C2010A00136
Segment Type: clause
Provision Reference: sch 2 cl 12
Character Range: 25402–26130

12  Transitional provision—termination fees
 (1) Subsection 110‑35(11) of the Income Tax Assessment Act 1997, as inserted by this Schedule, does not apply to you if:
 (a) your ownership of the CGT asset ended:
 (i) after 1 July 2008; and
 (ii) before the start of the day on which this Schedule receives the Royal Assent; and
 (b) you choose that those provisions do not apply to you.
 (2) A choice under subitem (1) must be made by the later of:
 (a) 12 months after the day on which this Schedule receives the Royal Assent; and
 (b) the time within which the Commissioner may, under section 170 of the Income Tax Assessment Act 1936, amend your assessment for the income year in which your ownership of the CGT asset ended.