Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

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History

Pt 3-1 inserted by No 46 of 1998.

Division 116 - Capital proceeds  

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History

Div 116 inserted by No 46 of 1998.

Special rules  

SECTION 116-70   Option requiring both acquisition and disposal etc.  

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116-70(1)    
This section applies if:

(a) you granted, renewed or extended an option; and

(b) the option requires you both to *acquire, and to create (including grant or issue) or *dispose of, a *CGT asset.

116-70(2)    
The option is treated as 2 separate options and half of the *capital proceeds from the grant, renewal or extension is attributed to each option.

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S 116-70 substituted by No 58 of 2006 , s 3 and Sch 3 item 2, applicable in relation to options exercised on or after 27 May 2005. S 116-70 formerly read:

SECTION 116-70 Option requiring both acquisition and disposal  
116-70
If an option you granted requires you both to *acquire and *dispose of a *CGT asset, the option is treated as 2 separate options and half of the *capital proceeds from the grant is attributed to each option.

S 116-70 inserted by No 46 of 1998.

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