S 130-80 repealed by No 133 of 2009, s 3 and Sch 1 item 77, applicable in relation to the ESS interests mentioned in subsections
83A-5(1)
and
(2)
of the
Income Tax (Transitional Provisions) Act 1997
. S 130-80 formerly read:
SECTION 130-80 Extension of trust holding period
130-80(1)
This section applies if:
(a)
a share or right is held by an employee share trust at 5 pm (by legal time in the Australian Capital Territory) on 27 February 2001; and
(b)
at the time that the share or right was acquired by the employee share trust it was possible to determine that the share or right would be acquired from the trust by another entity at a particular time or on the occurrence of a particular event; and
(c)
the share or right is acquired by that other entity after that time or the occurrence of that event.
130-80(2)
If this section applies, the first element of the cost base and reduced cost base of the share or right is its market value (worked out under sections
139FA
to
139FF
of the
Income Tax Assessment Act 1936
) at the particular time, or on the occurrence of the particular event, referred to in paragraph (1)(b).
130-80(3)
Shares, or rights to acquire shares, that, under section
26AAD
of the
Income Tax Assessment Act 1936
, are treated as a continuation of shares, or rights to acquire shares, in a company for the purposes of section
26AAC
of that Act:
(a)
are treated in the same way for the purposes of this section; and
(b)
are taken, for the purposes of this section, to have been acquired at the time of the last acquisition of the shares or rights that was not treated as such a continuation for the purposes of section
26AAC
of that Act.
History
S 130-80(3) inserted by No 147 of 2005.
130-80(4)
Shares or rights that, under section
139DQ
of the
Income Tax Assessment Act 1936
, are treated as a continuation of shares or rights in a company for the purposes of Division
13A
of Part
III
of that Act:
(a)
are treated in the same way for the purposes of this section; and
(b)
are taken, for the purposes of this section, to have been acquired at the time of the last acquisition of the shares or rights that was not treated as such a continuation for the purposes of that Division.
History
S 130-80(4) inserted by No 147 of 2005.
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