Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 16E - Accruals assessability, etc., in respect of certain security payments  

SECTION 159GQ   TAX TREATMENT OF HOLDER OF QUALIFYING SECURITY  

159GQ(1)   Accrual amounts to be worked out.  

If a taxpayer holds a qualifying security for all or part of a year of income, the effect on the taxpayer's taxable income is determined by working out the accrual amount (see section 159GQB ) for each accrual period (see section 159GQA ) in the year of income and then summing the accrual amounts.

159GQ(2)   Positive sum assessable.  

If the sum is a positive amount, the amount is included in the assessable income of the taxpayer of the year of income.

159GQ(3)   Negative sum deductible.  

If the sum is a negative amount, a deduction of the amount is allowable in the assessment of the taxpayer of the year of income.