Document ID: chunk:federal_register_of_legislation:C2010C00679:section:1987:p12
Version: federal_register_of_legislation:C2010C00679
Segment Type: section
Provision Reference: s 1987 (pt 12/51)
Character Range: 41863–44376

at which, or a
facility by means of which, offers to sell, purchase or exchange marketable
securities are regularly made or accepted.".

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 20
Exemption of certain gains or losses

  20. Section 160ZB of the Principal Act is amended by omitting subsection
(6).

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 21
Application

  21. The amendments made by this Division apply to disposals or redemptions
of traditional securities on or after 1 July 1992.

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 22
Transitional - subsection 70B(5) of the amended Act

  22.(1) This section applies to disposals or redemptions before 1 July 1992.
  (2) Subsection 70B(5) of the Principal Act as amended by this Act is to be
disregarded in determining the meaning of the expression "disposal" or
"redemption", and other parts of speech of that expression, when used in:
  (a) a provision of the Principal Act; or
  (b) any other law of the Commonwealth.

Division 7 - Amendments relating to live stock

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 23

  23. Section 32 of the Principal Act is repealed and the following sections
are substituted:
Live stock other than horse breeding stock - value at end of year of income
(Option as to value)
  "32.(1) Subject to subsections (2) and (3), the value of live stock to be
taken into account at the end of the year of income is to be, at the option of
the taxpayer:
  (a) the cost price of the live stock; or
  (b) the market selling value of the live stock.
(Adoption of other value)
  "(2) If the Commissioner is satisfied that there are circumstances which
justify the adoption by the taxpayer of some other value, the taxpayer may
adopt that other value.
(Option not exercised - value is cost price)
  "(3) If the taxpayer does not exercise the option within the time
prescribed, the value of the live stock to be taken into account at the end of
the year of income is to be the cost price of the live stock.
(This section does not apply to horse breeding stock)
  "(4) This section does not apply in determining the value of live stock to
be taken into account at the end of the year of income if the live stock is
horse breeding stock (within the meaning of section 32A) at the end of the
year of income.
Horse breeding stock - value at end of year of income
(Section applies to horse breeding stock)
  "32A.(1) This section applies in determining the value of