S 139FC repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections
83A-5(1)
and
(2)
of the
Income Tax (Transitional Provisions) Act 1997
. S 139FC formerly read:
SECTION 139FC UNLISTED RIGHTS
-
MARKET VALUE
139FC(1)
If the right is not quoted on an approved stock exchange on that day, the market value is the greater of:
(a)
the market value, on the particular day, of the share that may be acquired by exercising the right, less the lowest amount that must be paid to exercise the right to acquire the share; and
whichever of the following applies:
(b)
if the right can not be exercised more than 10 years after the day when the right was acquired
-
subject to section
139FE
, the value determined in accordance with regulations for the purpose of this paragraph or, if no such regulations are in force, the value determined in accordance with sections
139FJ to 139FN
;
(c)
if the right can be exercised more than 10 years after the day when the right was acquired
-
the greater of:
(i)
the arm's length value of the right as specified in a written report, in a form approved by the Commissioner, given to the person from whom the taxpayer acquires the right by a suitably qualified valuer; and
(ii)
the value that would have been determined under paragraph (b) if the right could be exercised 10 years after the particular day.
139FC(2)
In calculating, for the purpose of subsection (1), the market value of the share that may be acquired by exercising the right, subsection
139FAA(1)
applies as if the share were acquired on the particular day.
History
S 139FC(2) inserted by No 43 of 2000.
S 139FC inserted by No 169 of 1995.
View history note
Hide history note