Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-40 - RULES AFFECTING EMPLOYEES AND OTHER TAXPAYERS RECEIVING PAYG WITHHOLDING PAYMENTS  

Division 80 - General rules  

Operative provisions  

SECTION 80-15   Transfer of property  

80-15(1)    

Any of the following payments covered by this Part (but no others covered by this Part) can be or include a transfer of property:

(a) an *employment termination payment;

(b) a *genuine redundancy payment;

(c) an *early retirement scheme payment;

(d) a payment covered by Subdivision 83-D (Foreign termination payments);

(e) a payment that would be an employment termination payment but for paragraph 82-130(1)(b) (see Subdivision 83-E ).

Note:

An unused annual leave payment or an unused long service leave payment cannot include a transfer of property.

80-15(2)    

The amount of the payment is or includes the *market value of the property.

80-15(3)    
The *market value is reduced by the value of any consideration given for the transfer of the property.