Document ID: chunk:federal_register_of_legislation:C2019A00034:clause:4_7:p3
Version: federal_register_of_legislation:C2019A00034
Segment Type: clause
Provision Reference: sch 4 cl 7 (pt 3/3)
Character Range: 80324–81457

the Income Tax Assessment Act 1997;
 (b) if the asset is a revenue asset—determining whether an amount is included in, or can be deducted from, the assessable income of the entity.
 (4) Despite subsection (3):
 (a) disregard any capital gain or capital loss the sovereign entity makes because of the disposal mentioned in paragraph (2)(a); or
 (b) if the asset is a revenue asset—disregard any amount that could (apart from this subsection) be included in, or be deducted from, the assessable income of the entity as a result of that disposal.
 (5) For the purposes of paragraphs (1)(e) and (2)(a), the day is:
 (a) unless paragraph (b) applies—the later of the following days:
 (i) 1 July 2026;
 (ii) the day before the private ruling ceases to apply; or
 (b) a day earlier than the day mentioned in paragraph (a), if:
 (i) the scheme mentioned in paragraph (1)(a) is not, when it is first carried out, materially different to the scheme specified in the private ruling; and
 (ii) it becomes, on the earlier day, materially different to the scheme specified in the private ruling.

Part 3—Definitions

Income Tax Assessment Act 1997