INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

Part IIIA, comprising s 160AX-160ZZU, inserted by No 52 of 1986.

Div 9A inserted by No 169 of 1995. No 169 of 1995, Pt 4 Sch 2, contains the following application and transitional provisions:

11. Application of amendments  
(1)
Subject to this section, the amendments made by this Schedule apply to the acquisition of a share, or right to acquire a share, if it occurs after 6 p.m. by legal time in the Australian Capital Territory on 28 March 1995.

(2)
The amendments made by this Schedule do not apply to the acquisition of a share where the share was acquired as a result of the exercise of a right that:

(a) was acquired at or before 6 p.m. by legal time in the Australian Capital Territory on 28 March 1995; or

(b) is covered by subitem (3), (4) or (5).

(3)
Subject to item 12, the amendments made by this Schedule do not apply to the acquisition of a share or right before 1 July 1995 where:

(a) the share or right was acquired as a result of an offer, or an invitation, made at or before 6 p.m. by legal time in the Australian Capital Territory on 28 March 1995; and

(b) the offer or invitation was made to employees of a company to acquire shares, or rights to acquire shares, in the company or in a holding company of the company.

(4)
Subject to item 12, the amendments made by this Schedule do not apply to the acquisition of a share or right before 1 July 1996 where:

(a) the offer or invitation is to acquire shares, or rights to acquire shares, in a public company; and

(b) the share or right is acquired as a result of an offer, or an invitation, to employees of the public company or a subsidiary of the public company; and

(c) if the approval of shareholders is required for the scheme under which the offer or invitation was made - the scheme was approved by shareholders of the public company before 6 p.m. by legal time in the Australian Capital Territory on 28 March 1995.

(5)
A taxpayer may make an election that the amendments made by this Schedule do not apply to the acquisition of particular shares or rights where:

(a) the total market value, when acquired, of the shares or rights covered by the election, does not exceed $1000; and

(b) the shares or rights were acquired before 1 July 1995 as a result of an offer, or an invitation, made at or before 6 p.m. by legal time in the Australian Capital Territory on 28 March 1995.

(6)
For the purposes of subitem (5), the market value of a right is taken to be the same as the market value of the share to which it relates.

(7)
In this item:

public company
means:

(a) a public company within the meaning of the Corporations Law ; or

(b) a company established by Commonwealth, State or Territory legislation; or

(c) a company listed on an approved stock exchange.

Note: Approved stock exchange is defined in section 139GD of the Income Tax Assessment Act 1936 .

subsidiary
has the same meaning as in the Corporations Law .

Taxpayer may elect that amendments apply  
12.
The amendments made by this Schedule apply to the acquisition of a share or right by a taxpayer if:

(a) apart from subitem 11(3) or 11(4), the amendments would apply to the acquisition; and

(b) the taxpayer elects that the amendments apply to the acquisition. Application of amendments - election that amendments apply  
13.
A taxpayer may make an election that the amendments made by this Schedule apply to the acquisition of a share, or a right to acquire a share, if the acquisition occurs after 7.30 p.m. by legal time in the Australian Capital Territory on 10 May 1994 and at or before 6 p.m. by legal time in the Australian Capital Territory on 28 March 1995. Elections  
14.
An election under this Part must be in writing in a form approved by the Commissioner and be made before the later of:

(a) the end of 90 days after the commencement of this item; and

(b) the time when the taxpayer lodges his or her return for the 1994-95 year of income;

or within such further time as the Commissioner allows.

S 160ZYJC inserted by No 169 of 1995.