Document ID: chunk:federal_register_of_legislation:C2010C00686:clause:2_12
Version: federal_register_of_legislation:C2010C00686
Segment Type: clause
Provision Reference: sch 2 cl 12
Character Range: 26073–27379

12  Application

(1) The amendments made by items 1, 2, 4, 7, 8, 10 and 11 apply to assessments for the 1998‑99 income year and later income years.

(2) The amendments made by items 3 and 5 apply to shares or rights where the beneficial interest in the share or right was acquired after 5 pm (by legal time in the Australian Capital Territory) on 27 February 2001.

(3) The amendments made by items 6 and 9 apply to shares or rights acquired (within the meaning of Division 13A of Part III of the Income Tax Assessment Act 1936) by you after 5 pm (by legal time in the Australian Capital Territory) on 27 February 2001. Those amendments also apply to shares or rights acquired by you at or before that time if you choose that the amendments apply.

(4) A share or right that, under section 139DQ of the Income Tax Assessment Act 1936, is treated as if it were a continuation of another share or right for the purposes of Division 13A of Part III of that Act:
 (a) is treated in the same way for the purposes of subitem (3) of this item; and
 (b) is taken, for the purposes of that subitem, to have been acquired at the time of the last acquisition of the share or right that was not treated as such a continuation for the purposes of that Division.

Part 2—Income Tax (Transitional Provisions) Act 1997