S 139CB repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections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 139CB formerly read:
SECTION 139CB CESSATION TIME
-
RIGHTS
139CB(1)
The
cessation time
for a right is the earliest of the following:
(a)
the time when the taxpayer disposes of the right (other than by exercising it);
(b)
the time when the employment in respect of which the right was acquired ceases;
(c)
subject to subsection (3), if the right is exercised and there is a restriction preventing the taxpayer from disposing of the share acquired as a result of the exercise of the right or a condition that could result in the taxpayer forfeiting ownership of the share
-
the time when the last such restriction or condition ceases to have effect;
(d)
subject to subsection (3), if the right is exercised and there is no such restriction or condition
-
the time when the right is exercised;
(da)
if subsection (3) applies
-
the time when the taxpayer disposes of the share referred to in paragraph (3)(b);
(e)
the end of the 10 year period starting when the taxpayer acquired the right.
History
S 139CB(1) amended by No 41 of 2005. No 41 of 2005, s 3 and Sch 3 item 22 contains the following application provision:
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:
acquisition
, of a share or right, has the same meaning as in Division
13A
of Part
III
of the
Income Tax Assessment Act 1936
.
139CB(2)
For the purposes of subsection (1), a taxpayer only ceases the employment in respect of which the right was acquired when the taxpayer is no longer employed by any of the following:
(a)
the employer of the taxpayer in that employment;
(b)
a holding company of the employer;
(c)
a subsidiary of the employer or of a holding company of the employer.
Note:
Subdivision
DA
can affect whether the taxpayer is treated as having disposed of a right or ceased employment.
139CB(3)
Paragraphs (1)(c) and (d) do not apply in relation to a right if:
(a)
a share has been or is acquired as a result of the exercise of the right; and
(b)
because of section
139DQ
, another share is treated, for the purposes of this Division, as if it were a continuation of that share.
History
S 139CB(3) and the note above inserted by No 41 of 2005. No 41 of 2005, s 3 and Sch 3 item 22 contains the following application provision:
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:
acquisition
, of a share or right, has the same meaning as in Division
13A
of Part
III
of the
Income Tax Assessment Act 1936
.
S 139CB inserted by No 169 of 1995.
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