Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT 1990No. 35, 1990 - SECT 19

19. Section 160ZH of the Principal Act is amended:
(a) by inserting after "person" in paragraph (9) (a) "(not being an
acquisition resulting from the doing by that other person of an act or thing
that did not constitute a disposal of the asset by that other person for the
purposes of this Part)";

   (b)  by adding "or" at the end of paragraph (9) (a);

   (c)  by omitting paragraph (9) (c) and substituting the following
        paragraph:
     "(c)   both of the following subparagraphs apply:


   (i)  the amount that would, but for this paragraph, be taken to be the
        consideration paid or given by the taxpayer in respect of the
        acquisition was:

   (a)  if the taxpayer acquired the asset as a result of the disposal of the
        asset by another person - greater or less than the market value of the
        asset at the time of the acquisition; or

   (b)  if the taxpayer acquired the asset as a result of the doing by another
        person of an act or thing that did not constitute a disposal of the
        asset by that other person for the purposes of this Part - greater
        than the market value of the asset at the time of the acquisition;

   (ii) the taxpayer and the person from whom the taxpayer acquired the asset
        were not dealing with each other at arm's length in connection with
        the acquisition;".