INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 11 - Company-issued options to shareholders to acquire unissued shares  

SECTION 160ZYR  

160ZYR   APPLICATION  
Where -

(a) a person (in this Division referred to as the `` shareholder '') holds shares in a company (in this Division referred to as the `` original shares '');

(b) both of the following subparagraphs apply:

(i) a company (in this paragraph called the ``issuing company'' ) issues to the shareholder an option (in this Division called the ``option'' ) to acquire shares (in this Division called the ``new shares'' ) in the issuing company;

(ii) either:

(A) the issuing company is the company referred to in paragraph (a); or

(B) the issuing company is, or but for the issue of the options would be, related to the company referred to in paragraph (a) when the options are issued; and

(c) the shareholder did not, apart from any operation of subsection 160ZH(9) , pay or give any consideration in respect of the acquisition of the option,

sections 160ZYS to 160ZYV (inclusive) have effect.