INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 7 - Bonus units in unit trusts  

SECTION 160ZYD  

160ZYD   TIME OF ACQUISITION OF CERTAIN BONUS UNITS  
Where no part of the relevant amount was included in the assessable income of the taxpayer of any year of income under a provision of this Act other than this Part, the bonus units shall be deemed, for the purposes of this Part, to have been acquired by the taxpayer at the time applicable under the following paragraphs:

(a) if:

(i) the bonus units were issued after 1 o'clock in the afternoon, by legal time in the Australian Capital Territory, on 10 December 1986;

(ii) the original units were acquired by the taxpayer before 20 September 1985; and

(iii) after the time referred to in subparagraph (i), money has been paid to the trustee of the unit trust in respect of the bonus units, being money that the taxpayer paid or was required to pay;

the time when the liability arose to pay the money that was first paid as mentioned in subparagraph (iii); or

(b) in any other case - the time when the taxpayer acquired the original units.