S 26C repealed by No 47 of 2016, s 3 and Sch 6 item 10, applicable in respect of securities issued on or after 6 May 2016. For savings provisions, see note under Pt III Div 3 Subdiv
CB
heading. S 26C formerly read:
SECTION 26C DISPOSAL OF CERTAIN SECURITIES
26C(1)
Where:
(a)
a taxpayer disposes of a prescribed security by sale, gift, conversion or otherwise and the value of the security on the day of the disposal exceeds the cost of the security to the taxpayer; or
(b)
a prescribed security owned by a taxpayer is redeemed and the amount received by the taxpayer upon the redemption exceeds the cost of the security to the taxpayer;
an amount equal to the excess shall be included in the assessable income of the taxpayer.
History
S 26C(1) amended by No 34 of 1963.
26C(2)
For the purposes of this section:
(a)
where a prescribed security is disposed of to a person by sale, gift or otherwise, that person shall be deemed to have purchased it at a cost equal to its value on the day of the disposal; and
(b)
where a person who owns a prescribed security dies:
(i)
that person shall be deemed to have sold the security on the day of his or her death; and
(ii)
the person upon whom the security devolves by reason of the death shall be deemed to have purchased it at a cost equal to its value on the day of the death.
History
S 26C(2) amended by No 41 of 2011, s 3 and Sch 5 Pt 27, by removing gender-specific language, effective 27 June 2011.
S 26C(2) amended by No 34 of 1963.
26C(3)
-
(3A)
(Omitted by No 70 of 1968)
26C(4)
In this section:
prescribed security
means:
(a)
a seasonal security as defined by section 4 of the
Loan (Short-term Borrowings) Act 1959
; or
(b)
any stock or other security issued by the Commonwealth that does not bear interest;
and includes an interest in any such seasonal security, stock or other security.
stock
means Commonwealth Government Inscribed Stock or Australian Consolidated Inscribed Stock.
History
S 26C(4) amended by No 108 of 1981 and substituted by No 34 of 1963.
S 26C inserted by No 85 of 1959.
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