INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 12 - Convertible notes - companies  

SECTION 160ZZ  

160ZZ   TIME OF ACQUISITION OF SHARES  
Where shares are acquired by a taxpayer by the conversion of a convertible note, the shares shall be deemed, for the purposes of this Part, to have been acquired by the taxpayer -

(a) if the convertible note was acquired by the taxpayer before 20 September 1985 and the taxpayer did not pay or give any consideration in respect of the conversion - at the time when the convertible note was acquired; or

(b) if -

(i) the convertible note was acquired before 20 September 1985 and the taxpayer paid or gave any consideration in respect of the conversion; or

(ii) the convertible note was acquired on or after 20 September 1985,

at the time when the conversion took place.