Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:2_342
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 2 cl 342
Character Range: 825447–825898

342  Subsection 124ZR(3)
Repeal the subsection, substitute:

 (3) Parts 3‑1 and 3‑3 (about CGT) of the Income Tax Assessment Act 1997 apply as if the taxpayer:

 (a) had disposed of the CGT assets constituted by the shares, and had done so immediately before the company ceased to be a PDF; and

 (b) had re‑acquired those assets immediately afterwards;

for an amount equal to the shares' market value immediately after the company so ceased.