Document ID: chunk:federal_register_of_legislation:C2004A02159:body:0:p8
Version: federal_register_of_legislation:C2004A02159
Segment Type: other
Provision Reference: 
Character Range: 16815–19556

satisfied that the amount that, but for this sub-section, would be the cost of the unit for the purposes of sub-section (1) is greater than the amount (in this sub-section referred to as the 'arm's length amount') that would have been the cost of the unit if the parties to the transaction had dealt with each other at arm's length in relation to the transaction,
the arm's length amount shall be deemed to be the cost of that unit to that person for the purposes of sub-section (1).".
(2) Subject to sub-section (3), the amendment made by sub-section (1) applies in relation to a taxpayer in relation to property acquired by the taxpayer after 12 June 1979 otherwise than under a contract entered into on or before that date.
(3) The amendment made by the sub-section (1) applies in relation to a taxpayer in relation to property constructed by the taxpayer if the construction commenced after 12 June 1979.

Gifts, calls on afforestation shares, pensions, &c.
12. (1) Section 78 of the Principal Act is amended by inserting after sub-paragraph (xlviii) of paragraph (a) of sub-section (1) the following sub-paragraph:
     "; (xlix) a public fund established and maintained by a Roman Catholic archdiocesan or diocesan authority exclusively for the purpose of providing religious instruction in government schools in Australia,".
(2) The amendment made by sub-section (1) applies in relation to gifts made on or after 1 July 1979.

Losses of previous years
13. Section 80 of the Principal Act is amended—
     (a) by inserting after paragraph (h) of sub-section (5) the following paragraphs:
          "(ha) sub-sections (4) and (5) of section 6 of the Income Tax Laws Amendment Act 1979 were omitted and the following sub-section were substituted:
          '(4) The amendment made by paragraph (b) of sub-section (1) applies in relation to a taxpayer in relation to property acquired or constructed by the taxpayer at any time, whether before or after the commencement of this section.';
          "(hb) 'after 12 June 1979 otherwise than under a contract entered into on or before that date' were omitted from sub-section (2) of section 8 and sub-section (2) of section 10 of the Income Tax Laws Amendment Act 1979 and 'at any time, whether before or after the commencement of this section' were substituted;
          "(hc) 'after 12 June 1979 other than a change occurring in consequence of an agreement entered into on or before that date' were omitted from sub-section (2) of section 9 of the Income Tax Laws Amendment Act 1979 and 'at any time, whether before or after the commencement of this section' were substituted;
          "(hd) sub-sections (2) and (3) of section 11 of the Income Tax Laws Amendment Act 1979 were omitted