Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1992No. 80, 1992 - SECT 19

19. Section 110 of the Principal Act is amended by omitting all the words
after "reduced" in the definitions of "modified 160Z gain amount" and

"ordinary 160Z gain amount" in subsection (1) and substituting the following
words and paragraphs: "in accordance with the following steps:

   (a)  if, assuming that the gain were instead income derived during the year
        of income in which the gain accrued, the whole or a part of the income
        would have been exempt from tax under section 112C - reduce the gain
        by so much of the income as is so exempt;

   (b)  if the step mentioned in paragraph (a) applies and any part of the
        gain remains after taking that step - further reduce the remainder of
        the gain by the proportion of that remainder that would be calculated
        using the formula in section 112A;

   (c)  if the step mentioned in paragraph (a) does not apply - reduce the
        gain by the proportion of the gain that would be calculated using the
        formula in section 112A;".