Income Tax Assessment Act 1997

Chapter 4 inserted by No 162 of 2001.

Part 4-5 inserted by No 162 of 2001.

Div 768 heading substituted by No 110 of 2014, s 3 and Sch 2 item 3, applicable to distributions and non-share dividends made after 16 October 2014. Div 768 heading formerly read:

Division 768 - Exempt foreign income and gains

Div 768 inserted by No 96 of 2004.

Subdiv 768-R inserted by No 32 of 2006, s 3 and Sch 1 item 1, effective 6 April 2006.

S 768-940 repealed by No 133 of 2009, s 3 and Sch 1 item 62, applicable in relation to the ESS interests mentioned in subsections 83A-5(1) and (2) of the Income Tax (Transitional Provisions) Act 1997 . S 768-940 formerly read:

SECTION 768-940 Adjustment for derived share  
768-940(1)
If:

(a) the ^* CGT event happens on or after the ^* cessation time for the original right; and

(b) when, or immediately before, the CGT event happens you are either:

(i) a foreign resident; or

(ii) an Australian resident who is a ^* temporary resident;

the factor to be applied for the purposes of paragraph 768-930(2)(a) is:

Days before cessation time
Days before CGT event

where:

days before cessation time
is the number of days in the period that:

(a) starts on the day on which you ^* acquired the original right or, if you acquired the ^* share from an ^* employee share trust, on the day on which you first acquired a beneficial interest in the original right; and

(b) ends on the ^* cessation time for the original right.

days before CGT event
is the number of days in the period that:

(a) starts on the day on which you ^* acquired the original right or, if you acquired the ^* share from an ^* employee share trust, on the day on which you first acquired a beneficial interest in the original right; and

(b) ends on the day on which the ^* CGT event happens.

768-940(2)
If:

(a) the ^* CGT event happens on or after the ^* cessation time for the original right; and

(b) when, or immediately before, the CGT event happens you are an Australian resident (but not a ^* temporary resident);

the factor to be applied for the purposes of paragraph 768-930(2)(a) is:

Days before cessation time
Days before ceasing to be a temporary resident

where:

days before cessation time
is the number of days in the period that:

(a) starts on the day on which you ^* acquired the original right or, if you acquired the ^* share from an ^* employee share trust, on the day on which you first acquired a beneficial interest in the original right; and

(b) ends on the ^* cessation time for the original right.

days before ceasing to be a temporary resident
is the number of days in the period that:

(a) starts on the day on which you ^* acquired the original right or, if you acquired the ^* share from an ^* employee share trust, on the day on which you first acquired a beneficial interest in the original right; and

(b) ends on the day on which you cease to be a ^* temporary resident.

768-940(3)
The factor to be applied for the purposes of paragraph 768-930(2)(a) is 1 if:

(a) the ^* CGT event happens before the ^* cessation time for the original right; or

(b) you became an Australian resident who was not a ^* temporary resident before the cessation time for the original right.

768-940(4)
The factor to be applied for the purposes of paragraph 768-930(2)(b) is:

Assessable part of discount
Discount

where:

assessable part of discount
is the amount of the discount that:

(a) was included in your assessable income under Division 13A of Part III of the Income Tax Assessment Act 1936 in relation to the original right; or

(b) would have been included in your assessable income under that Division in relation to the original right if subsection 139BA(2) of that Act were disregarded.

discount
is the amount of the discount.

S 768-940 inserted by No 32 of 2006, s 3 and Sch 1 item 1, applicable if the relevant CGT event happens on or after 1 July 2006.