Section 124ZQ — Income Tax Assessment Act 1936: Effect of company becoming a PDF

(1) This section applies to shares in a company that a taxpayer holds when the company becomes a PDF. (2) In determining for the purposes of this Act whether an amount is or was allowable as a deduction to the taxpayer in respect of acquiring the shares, the shares are taken to have been shares in a PDF throughout the period beginning immediately before the taxpayer acquired them and ending when the company became a PDF. (3) For the purposes of this Act, the shares are taken to have been trading stock of the taxpayer at no time during that period. (4) Section 170 does not prevent an assessment from being amended to give effect to this section.