Part 3-3 inserted by No 46 of 1998.

Div 152 inserted by No 165 of 1999 (as amended by No 173 of 2000).

S 152-305(1) amended by No 15 of 2007, s 3 and Sch 2 items 3 and 4, by substituting paras (b) and (c) for para (b) and repealing note 2. Act No 143 of 2007 , s 3 and Sch 5 item 28 substitutes the application of this amendment with the following:

(1)
The amendments apply to:

(a) individuals who:

(i) make the choice referred to in subsection 152-305(1) of the Income Tax Assessment Act 1997 ; or

(ii) receive capital proceeds from a CGT event; and

(b) companies or trusts that make a payment referred to in section 152-325 of the Income Tax Assessment Act 1997 ;

after 30 June 2007, regardless of when the relevant CGT event happened.

Para (b) and note 2 formerly read:

(b) if you are under 55 just before you make the choice - an amount equal to the *eligible termination payment mentioned in paragraph 152-310(2)(a) is rolled over (within the meaning of Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 ) except by being paid as mentioned in paragraph 27A(12)(c) of that Act.

Note 2:

Paragraph 27A(12)(c) of the Income Tax Assessment Act 1936 deals with payments to life companies to purchase certain annuities.

S 152-305(1) amended by No 55 of 2007 , s 3 and Sch 1 item 47, by substituting " if you are under 55 just before you make the choice - an amount equal to the *eligible termination payment mentioned in paragraph 152-310(2)(a) " for " if you were under 55 just before you received an amount of *capital proceeds from the *CGT event - an amount equal to the *eligible termination payment mentioned in subsection 152-310(2) " in para (b), applicable to CGT events happening in the 2006-07 income year or later income years.

S 152-305(1) amended by No 101 of 2004 and No 173 of 2000.

S 152-305(1A) inserted by No 42 of 2009, s 3 and Sch 2 item 34, applicable to proceeds received in the 2007-08 income year and later income years. For transitional provision relating to choice, see note under s 152-10(1) .

S 152-305(1B) inserted by No 10 of 2016, s 3 and Sch 1 item 15, applicable in relation to look-through earnout rights created on or after 24 April 2015. For transitional provision, see note under Subdiv 118-I heading.

S 152-305(2) amended by No 55 of 2007 , s 3 and Sch 1 item 48, by substituting " significant individual " for " controlling individual " in para (b), applicable to CGT events happening in the 2006-07 income year or later income years.

S 152-305(3) amended by No 80 of 2007 , s 3 and Sch 4 item 30, by substituting " Entities of a kind referred to in subsection 328-125(8) " for " Public entities of a kind referred to in subsection 152-30(9) " , applicable to CGT events happening in the 2007-2008 income year and later income years.

S 152-305(3) amended by No 95 of 2004.

S 152-305(4) inserted by No 42 of 2009, s 3 and Sch 2 item 35, applicable to CGT events happening in the 2006-07 income year and later income years. For transitional provision relating to choice, see note under s 152-10(1) .

S 152-305 inserted by No 165 of 1999 (as amended by No 173 of 2000).