Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1996No. 76, 1996 - SCHEDULE 6

Schedule 6-Amendment of the Taxation Laws Amendment 
Act (No. 4) 1995  1 Subitems 36(1) and (2) of Schedule 1 Repeal the subitems,
substitute:

(1) The amendments made by items 22, 29 and 30 apply to disposals of assets on
or after 1 July 1995.

(2) The amendment made by item 23 applies to interests acquired after the
commencement of this item. 2 Subitem 37(1) of Schedule 1 Omit "on or after 20
September 1985", substitute "after 7.30 p.m. on 9 May 1995". 3 Subitem 37(2)
of Schedule 1 Repeal the subitem, substitute:

(2) The amendments made by item 25 and subitem (1) of this item are to be
disregarded in determining the application of Part IIIA of the
Income Tax Assessment Act 1936 in relation to disposals of assets at or before
7.30 p.m. on 9 May 1995. 4 Item 1 of Schedule 2 Omit "Paragraph 46L(3)(b)",
substitute "Paragraph 46M(3)(b)". 5 Item 2 of Schedule 2 Omit "Subparagraph
46L(4)(a)(ii)", substitute "Subparagraph 46M(4)(a)(ii)". [Minister's second
reading speech made in-
House of Representatives on 27 June 1996
Senate on 9 September 1996]