Income Tax Assessment Act 1997

Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Div 701 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

S 701-90 repealed by No 99 of 2012, s 3 and Sch 3 item 35, effective 29 June 2012. For application provisions see note under s 701-55(5C) . S 701-90 formerly read:

SECTION 701-90 Right to future income treated as separate asset  

[ CCH Note: There is no s 701-90(1).]

701-90(2)
Subject to subsection 701-63(2), for the purposes of this Part, treat a * right to future income as a separate asset.

701-90(3)
For the purposes of this Part, if:

(a) a * right to future income is treated as a separate asset under subsection (2); and

(b) the contract or agreement mentioned in subsection 701-63(5) in respect of the right to future income also includes one or more other rights;

for the purposes of this Part, treat the contract or agreement (excluding the right to future income) as a separate asset.

701-90(4)
For the purposes of this Part:

(a) take into account all the obligations and conditions relating to a * right to future income treated as a separate asset under subsection (2) in working out the * market value of that separate asset; and

(b) if a contract or agreement (excluding the right to future income) is treated as a separate asset under subsection (3) - take into account all the obligations and conditions relating to each right (other than the right to future income) that forms part of the contract or agreement in working out the market value of that separate asset.

S 701-90 inserted by No 99 of 2012, s 3 and Sch 3 item 20, effective 29 June 2012. For application provisions see note under s 701-55(5C) .

Former s 701-90 repealed by No 99 of 2012, s 3 and Sch 3 item 7, effective 29 June 2012. For application provisions see note under s 701-55(5C) . S 701-90 formerly read:

SECTION 701-90 Valuable right to future income treated as separate asset  
701-90(1)
This subsection covers a valuable right (including a contingent right) to receive an amount for the performance of work or services or the provision of goods (other than *trading stock) if:

(a) the valuable right forms part of a contract or agreement; and

(b) the *market value of the valuable right (taking into account all the obligations and conditions relating to the right) is greater than nil.

701-90(2)
For the purposes of this Part, treat a valuable right covered by subsection (1) as a separate asset.

701-90(3)
For the purposes of this Part, if:

(a) a valuable right is treated as a separate asset under subsection (2); and

(b) the contract or agreement mentioned in paragraph (1)(a) also includes one or more other rights;

for the purposes of this Part, treat the contract or agreement (excluding the valuable right) as a separate asset.

701-90(4)
For the purposes of this Part:

(a) take into account all the obligations and conditions relating to a valuable right treated as a separate asset under subsection (2) in working out the *market value of that separate asset; and

(b) if a contract or agreement (excluding the valuable right) is treated as a separate asset under subsection (3) - take into account all the obligations and conditions relating to each right (other than the valuable right) that forms part of the contract or agreement in working out the market value of that separate asset.

S 701-90 inserted by No 56 of 2010, s 3 and Sch 5 item 3B, applicable on and after 1 July 2002. For transitional provision see note under Subdiv 716-S .