S 768-940 repealed by No 133 of 2009, s 3 and Sch 1 item 62, applicable in relation to the ESS interests mentioned in subsections
83A-5(1)
and
(2)
of the
Income Tax (Transitional Provisions) Act 1997
. S 768-940 formerly read:
SECTION 768-940 Adjustment for derived share
768-940(1)
If:
(a)
the
*
CGT event happens on or after the
*
cessation time for the original right; and
(b)
when, or immediately before, the CGT event happens you are either:
(i)
a foreign resident; or
(ii)
an Australian resident who is a
*
temporary resident;
the factor to be applied for the purposes of paragraph
768-930(2)(a)
is:
|
Days before cessation time
|
|
| Days before CGT event |
|
where:
days before cessation time
is the number of days in the period that:
(a)
starts on the day on which you
*
acquired the original right or, if you acquired the
*
share from an
*
employee share trust, on the day on which you first acquired a beneficial interest in the original right; and
(b)
ends on the
*
cessation time for the original right.
days before CGT event
is the number of days in the period that:
(a)
starts on the day on which you
*
acquired the original right or, if you acquired the
*
share from an
*
employee share trust, on the day on which you first acquired a beneficial interest in the original right; and
(b)
ends on the day on which the
*
CGT event happens.
768-940(2)
If:
(a)
the
*
CGT event happens on or after the
*
cessation time for the original right; and
(b)
when, or immediately before, the CGT event happens you are an Australian resident (but not a
*
temporary resident);
the factor to be applied for the purposes of paragraph
768-930(2)(a)
is:
|
Days before cessation time
|
|
| Days before ceasing to be a temporary resident |
|
where:
days before cessation time
is the number of days in the period that:
(a)
starts on the day on which you
*
acquired the original right or, if you acquired the
*
share from an
*
employee share trust, on the day on which you first acquired a beneficial interest in the original right; and
(b)
ends on the
*
cessation time for the original right.
days before ceasing to be a temporary resident
is the number of days in the period that:
(a)
starts on the day on which you
*
acquired the original right or, if you acquired the
*
share from an
*
employee share trust, on the day on which you first acquired a beneficial interest in the original right; and
(b)
ends on the day on which you cease to be a
*
temporary resident.
768-940(3)
The factor to be applied for the purposes of paragraph
768-930(2)(a)
is 1 if:
(a)
the
*
CGT event happens before the
*
cessation time for the original right; or
(b)
you became an Australian resident who was not a
*
temporary resident before the cessation time for the original right.
768-940(4)
The factor to be applied for the purposes of paragraph
768-930(2)(b)
is:
|
Assessable part of discount
|
|
| Discount |
|
where:
assessable part of discount
is the amount of the discount that:
(a)
was included in your assessable income under Division
13A of Part III
of the
Income Tax Assessment Act 1936
in relation to the original right; or
(b)
would have been included in your assessable income under that Division in relation to the original right if subsection
139BA(2)
of that Act were disregarded.
discount
is the amount of the discount.
S 768-940 inserted by No 32 of 2006, s 3 and Sch 1 item 1, applicable if the relevant CGT event happens on or after 1 July 2006.
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