Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:2_420
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 2 cl 420
Character Range: 846675–847149

420  Subsections 308(1) and (2)
Repeal the subsections, substitute:

 (1) The first element of the cost base of each 30 June 1988 asset of the taxpayer is the greater of the asset's market value (at the end of 30 June 1988) and the asset's cost base (on that day).

 (2) The first element of the reduced cost base of each 30 June 1988 asset of the taxpayer is the lesser of the asset's market value (at the end of 30 June 1988) and the asset's cost base (on that day).