Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:2_2:p6
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 2 cl 2 (pt 6/14)
Character Range: 731049–733943

would apply (apart from this section);

disregard subsections 112‑20(2) and (3) of that Act.

Note: This section preserves the pre‑16 August 1989 position for, among other things, shares or units issued or allotted to you by allowing the market value substitution rule to apply.

Division 118—Exemptions

Table of Subdivisions

118‑A General exemptions

118‑B Main residence

118‑C Goodwill

Subdivision 118‑A—General exemptions

118‑10  Interests in collectables

 (1) This section applies to a collectable you own that:

 (a) is an interest in:

 (i) artwork, jewellery, an antique or a coin or medallion; or

 (ii) a rare folio, manuscript or book; or

 (iii) a postage stamp or first day cover; and

 (b) you last acquired before 16 December 1995.

 (2) A capital gain or capital loss you make from the interest is disregarded if what you paid or gave to acquire it was $500 or less.

Subdivision 118‑B—Main residence

118‑195  Exemption—dwelling acquired from deceased estate

 (1) This section applies to an entity:

 (a) that acquired an ownership interest in a dwelling as trustee of a deceased estate on or before 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996; or

 (b) to whom an ownership interest in a dwelling passed as a beneficiary in a deceased estate on or before that time.

 (2) Item 1 in the table in subsection 118‑195(1) of the Income Tax Assessment Act 1997 applies to the entity in relation to the dwelling as if that item required the dwelling to be the deceased's main residence throughout the deceased's ownership period.

 (3) Section 118‑192 and subsections 118‑190(4) and 118‑200(4) do not apply to the entity in relation to the dwelling.

Subdivision 118‑C—Goodwill

118‑260  Business exemption threshold

  Despite section 118‑260 of the Income Tax Assessment Act 1997, the Commissioner is entitled to publish the business exemption threshold for the 1998‑99 income year:

 (a) before the beginning of that year; or

 (b) within a reasonable time after the beginning of that year.

Division 121—Record keeping

Table of sections

121‑15 Retaining records under Division 121
121‑25 Records for mergers between qualifying superannuation funds

121‑15  Retaining records under Division 121

  If you were retaining records under section 160ZZU of the Income Tax Assessment Act 1936 for an asset, you must continue to retain them in accordance with Division 121 of the Income Tax Assessment Act 1997.

121‑25  Records for mergers between qualifying superannuation funds

 (1) A superannuation fund to which subsection 160ZZU(6A) of the Income Tax Assessment Act 1936 applied just before the start of the 1998‑99 income year must keep the records referred to in that subsection, and retain them until the end of 30 June 2002.

 (2) A superannuation fund to which subsection 160ZZU(6B) of the Income