Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1992No. 80, 1992 - SECT 69

69.(1) If:

   (a)  apart from this subsection, an asset that formed part of the estate of
        a deceased person is not taken, for the purposes of Part IIIA of the
        Principal Act, to have passed to a beneficiary in that estate; and

   (b)  assuming that the amendments made by section 24 of this Act had
        applied in relation to deeds of arrangement executed before 3 April
        1992 - the asset would have been taken, for the purposes of Part IIIA
        of the amended Act, to have passed to a beneficiary in that estate;
        and

   (c)  the beneficiary makes an election that this section apply to the
        asset; then, in addition to the application of the amendments made by
        section 24 of this Act apart from this subsection, the amendments
        apply to the deed of arrangement.

(2) If:

   (a)  apart from this subsection, a dwelling that formed part of the estate
        of a deceased person is not taken, for the purposes of section 160ZZQ
        of the Principal Act, to have been acquired by a taxpayer as a
        beneficiary in the estate; and

   (b)  assuming that the amendments made by subsection 44(2) of this Act had
        applied in relation to deeds of arrangement executed before 3 April
        1992 - the taxpayer would have been taken, for the purposes of section
        160ZZQ of the amended Act, to have acquired the dwelling as a
        beneficiary in the estate; and

   (c)  the taxpayer makes an election under subsection (1) that this section
        apply to the asset; then, in addition to the application of the
        amendments made by subsection 44(2) of this Act apart from this
        subsection, the amendments apply to the deed of arrangement.

(3) An election under subsection (1) has no effect unless it:

   (a)  is in writing; and

   (b)  is made:

        (i)    within 6 months after the end of the year of income of the
               beneficiary or taxpayer in which the commencement of this
               subsection occurred; or

        (ii)   within such further period as the Commissioner allows.

(4) A person who makes an election under subsection (1) must retain the
election, or a copy, until the end of 5 years after the election was made.
Penalty: $3,000.

(5) Subsection (4) does not require a person to retain an election, or a copy,
if:

   (a)  the Commissioner has notified the person that retention of the
        election or copy is not required; or

   (b)  the person is a company that has gone into liquidation and has been
        finally dissolved.

(6) In this section:

"amended Act" means the Principal Act as amended by this Act.