Income Tax Assessment Act 1936
View history note
Hide history noteDiv 13A repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections 83A-5(1) and (2) of the Income Tax (Transitional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 .
Div 13A inserted by No 169 of 1995.
Former Div 13A repealed by No 224 of 1992 and inserted by No 126 of 1977.
(Repealed by No 133 of 2009)
S 139DD repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections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 139DD formerly read:
S 139DD(2A) substituted by No 147 of 2005. S 139DD(2A) inserted by No 41 of 2005. No 41 of 2005, s 3 and Sch 3 item 22 contains the following application provision:
acquisition
S 139DD(3) amended by No 147 of 2005. S 139DD(3A) inserted by No 41 of 2005. No 41 of 2005, s 3 and Sch 3 item 22, contains the following application provision:
acquisition
S 139DD(3B) inserted by No 147 of 2005.
SECTION 139DD NO BENEFIT WHERE RIGHTS LOST
139DD(1)
For the purposes of this Division, a right to acquire a share in a company is never acquired by a taxpayer if the following 2 requirements are satisfied.
139DD(2)
The first requirement is that the taxpayer loses the right without having exercised it.
139DD(2A)
To avoid doubt:
(a)
the taxpayer does not lose the right if, because of section
139DQ
, another right is treated, for the purposes of this Division, as if it were a continuation of that right; but
(b)
the taxpayer loses the right if the taxpayer loses the other right without having exercised it.
22 Application
(1)
The amendment is taken to have applied, to acquisitions of shares or rights on or after 1 July 2004.
(2)
In this item:
, of a share or right, has the same meaning as in Division
13A
of Part
III
of the
Income Tax Assessment Act 1936
.
139DD(3)
The second requirement is that the company was, at the time the right was acquired, the employer of the taxpayer or a holding company of the employer of the taxpayer.
139DD(3A)
To avoid doubt, the company does not cease to be the employer of the taxpayer or a holding company of the employer of the taxpayer if, because of section
139DQ
, the taxpayer's employment by another company is treated, for the purposes of this Division, as if it were a continuation of that employment.
22 Application
(1)
The amendment is taken to have applied, to acquisitions of shares or rights on or after 1 July 2004.
(2)
In this item:
, of a share or right, has the same meaning as in Division
13A
of Part
III
of the
Income Tax Assessment Act 1936
.
139DD(3B)
If, but for subsection
139DR(2)
, rights acquired by the taxpayer would, because of section
139DQ
, be treated for the purposes of this Division as a continuation of other rights, the rights are to be treated for the purposes of this section as if they were a continuation of the other rights.
139DD(4)
Section
170
does not prevent the amendment of an assessment at any time for the purpose of giving effect to this section.
S 139DD inserted by No 169 of 1995.
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