TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992 - SECT 49 Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 122R

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TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992 - SECT 49

Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 122R

49. Section 122JG of the Principal Act is amended:

   (a)  by inserting in paragraph (1)(b) "subject to subsection (12A)," before

"deductions";

   (b)  by inserting after subsection (12) the following subsection: (Second
        or subsequent application of section - paragraph (1)(b) does not
        apply)

"(12A) If, apart from this subsection, this section has applied to the
disposal of the property to the transferee, then, in working out whether this
section applies to a subsequent disposal of the property by:

   (a)  the transferee; or

   (b)  one or more subsequent successive transferees; this section has effect
        as if paragraph (1)(b) (which deals with deductions) had not been
        enacted.".

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