Commonwealth Consolidated Acts

TAXATION LAWS AMENDMENT ACT (NO. 3) 1997 - SCHEDULE 17

Income Tax Assessment Act 1936

1  Subsection 139CD(5)

Omit "the employees", substitute "the permanent employees".

2  Paragraph 139GF(4)(b)

Omit " 2 / 3 ", substitute "75%".

3  Application

(1)        Part 4 of Schedule 2 to the Taxation Laws Amendment Act (No. 2) 1995 applies in the same way to the amendment made by item 1 of this Schedule as it applied to the amendments made by Schedule 2 to that Act.

(2)        The amendment made by item 2 of this Schedule applies to shares or rights acquired on or after 1 July 1996.