Tax Laws Amendment (2012 Measures No. 2) Act 2012 (99 of 2012)

Schedule 3  

Part 2   Interim rules

Income Tax Assessment Act 1997

20   At the end of Division 701

Add:

701-90 Right to future income treated as separate asset

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

(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.

(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.