Section 54A - Omitted

Relief of tax on capital gains via reinvestment and replacement asset provisions has been repealed.

Section 54A set out statutory mechanisms affecting the tax treatment of capital gains: one former formulation allowed tax credit or adjustment when an assessee reinvested consideration in an approved investment within a specified period, with the credit proportionate to the amount reinvested and subject to procedural claims; another former formulation exempted in whole or part capital gains on transfer of property held for charitable or religious purposes where a replacement asset was acquired for the same purposes within prescribed time limits, with special timing rules for compulsory acquisition compensation. The section has since been omitted, with notes recording insertions and repeals.