Document ID: chunk:federal_register_of_legislation:C2004A04362:front:0:p9
Version: federal_register_of_legislation:C2004A04362
Segment Type: other
Provision Reference: 
Character Range: 21321–23928

in relation to any unit of property of the Corporation.

Capital gains tax

  "57D.(1) If:

    (a)     the Corporation owned an asset at the end of 30 June 1991 ('the changeover time'); and

    (b)     the market value of the asset at the changeover time was greater than the amount that would have been the indexed cost base to the Corporation in relation to the asset if the Corporation had disposed of the asset at that time;

the following provisions have effect for the purpose of working out under Part IIIA of the Assessment Act whether a capital gain accrues in the event of a subsequent disposal of the asset by it:

    (c)     the Corporation is taken to have disposed of the asset at the changeover time for a consideration equal to the amount of that indexed cost base;

    (d)     the Corporation is taken to have immediately re-acquired the asset for a consideration equal to the market value of the asset at the changeover time;

    (e)     the reference in subsection 160Z(3) of the Assessment Act to the day on which the asset was acquired by the taxpayer is taken to be a reference to the day on which the asset was actually acquired by the Corporation.

"(2) If the asset is disposed of within 12 months of its actual acquisition by the Corporation, subsection (1) has effect as if the references in that subsection to the indexed cost base to the Corporation in relation to the asset were references to the cost base to the Corporation in relation to the asset.

  "(3) If:

  (a)     the Corporation owned an asset at the changeover time; and

    (b)     the market value of the asset at the changeover time was less than the amount that would have been the reduced cost base to the Corporation in relation to the asset if the Corporation had disposed of the asset at that time;

the following provisions have effect for the purpose of working out under Part IIIA of the Assessment Act whether the Corporation incurred a capital loss in the event of a subsequent disposal of the asset by it:

    (c)     the Corporation is taken to have disposed of the asset at the changeover time for a consideration equal to the amount of that reduced cost base;

    (d)     the Corporation is taken to have immediately re-acquired the asset for a consideration equal to the market value of the asset at the changeover time.

   "(4) Part IIIA of the Assessment Act does not apply in relation to: (a) the disposal of an asset of the Corporation that was acquired

     by the Commonwealth before 20 September 1985 and transferred to, or vested in, the Corporation; or

    (b) the disposal of