Document ID: chunk:federal_register_of_legislation:C2013A00119:clause:1_16
Version: federal_register_of_legislation:C2013A00119
Segment Type: clause
Provision Reference: sch 1 cl 16
Character Range: 7418–8133

16  Section 106‑35
Repeal the section, substitute:

106‑35  Effect of liquidation
 (1) For the purposes of this Part and Part 3‑3 (about capital gains and losses) and Subdivision 328‑C (What is a small business entity), the vesting of a company's *CGT assets in a liquidator, or the holder of a similar office under a *foreign law, is ignored.
 (2) This Part, Part 3‑3 and Subdivision 328‑C apply to an act done by a liquidator of a company, or the holder of a similar office under a *foreign law, as if the act had been done by the company (instead of by the liquidator etc.).
Example: Ben, a liquidator of a company, sells a CGT asset of the company. Any capital gain or loss is made by the company, not by Ben.