S 139DC repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections
83A-5(1)
and
(2)
of the
Income Tax (Transitional Provisions) Act 1997
. S 139DC formerly read:
SECTION 139DC DEDUCTION FOR PROVIDER OF CERTAIN QUALIFYING SHARES OR RIGHTS
139DC(1)
A taxpayer is entitled to an allowable deduction in the taxpayer's assessment in respect of income of a year of income (the
benefit year
) if the taxpayer provides one or more qualifying shares or qualifying rights to another person in the benefit year that satisfy the following conditions:
(a)
the exemption conditions (see section
139CE
);
(b)
the condition that no amount has been allowed, is allowable, or will be allowable, as a deduction in the assessment of the taxpayer in respect of income of any year of income in respect of expenditure incurred in providing the share or right.
139DC(2)
The amount of the deduction in respect of the shares or rights provided by the taxpayer to the person in the benefit year is the lesser of:
(a)
$1,000; and
(b)
the sum of the market values, at the time that the share or right is provided, of each qualifying share or qualifying right that satisfies the conditions in subsection (1) reduced by the sum of any amounts paid by the person as consideration for those shares or rights.
Note:
Only one deduction is allowable under this section in respect of each person to whom the taxpayer provided shares or rights in a year.
History
S 139DC(2)(a) amended by No 122 of 1997.
S 139DC inserted by No 169 of 1995.
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