Document ID: chunk:federal_register_of_legislation:C2004A02159:body:0:p14
Version: federal_register_of_legislation:C2004A02159
Segment Type: other
Provision Reference: 
Character Range: 31110–33828

in interests in property
17. (1) Section 123f of the Principal Act is amended—
     (a) by omitting "Where, for any reason" and substituting "Subject to this section, where, for any reason"; and
     (b) by adding at the end thereof the following sub-sections:
    "(2) Where—
          (a) the change in the ownership of, or in the interests of persons in, the property occurred in consequence of a written agreement;
          (b) an amount was specified in the agreement as the value of the property for the purposes of the agreement; and
          (c) the amount so specified in the agreement—
            (i) is less than the amount that was the market value of the property immediately before the time when the change occurred; and
            (ii) is also less than the amount ascertained by deducting from the total expenditure of a capital nature incurred in respect of the property by the person or persons who owned the property before the change the sum of the deductions allowed or allowable in respect of that expenditure under this Division,
      the provisions of this Division apply as if—
          (d) the person or persons who owned the property before the change had, at the time when the change occurred, sold the property for a price equal to the amount referred to in sub-paragraph (i) of paragraph (c) or the amount ascertained in accordance with sub-paragraph (ii) of paragraph (c), whichever is the less; and

          (e) the person or persons who owned the property after the change had, at the time when the change occurred, incurred expenditure of a capital nature on the acquisition of the property of an amount equal to the amount specified in the agreement.
    "(3) A reference in sub-section (2) to the market value of property at a particular time shall, if there is insufficient evidence of the market value of the property at that time, be read as a reference to such amount as, in the opinion of the Commissioner, is fair and reasonable.".
(2) The amendments made by sub-section (1) apply in relation to a change in the ownership of, or in the interests of persons in, property after 12 June 1979 other than a change occurring in consequence of an agreement entered into on or before that date.

Change in interests in property
18. (1) Section 124ao of the Principal Act is amended—
     (a) by omitting "Where for any reason" and substituting "Subject to this section, where, for any reason"; and
     (b) by adding at the end thereof the following sub-sections:
    "(2) Where—
          (a) the change in the ownership of, or in the interests of persons in, the property occurred in consequence of a written agreement;
          (b) an amount was specified in the agreement