Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-40 - RULES AFFECTING EMPLOYEES AND OTHER TAXPAYERS RECEIVING PAYG WITHHOLDING PAYMENTS  

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History

Part 2-40 inserted by No 9 of 2007 , s 3 and Sch 2 item 1, applicable on and after 1 July 2007.

Division 80 - General rules  

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Div 80 inserted by No 9 of 2007 , s 3 and Sch 2 item 1, applicable on and after 1 July 2007.

Operative provisions  

SECTION 80-15   Transfer of property  

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80-15(1)    

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Any of the following payments covered by this Part (but no others covered by this Part) can be or include a transfer of property:

(a) an *employment termination payment;

(b) a *genuine redundancy payment;

(c) an *early retirement scheme payment;

(d) a payment covered by Subdivision 83-D (Foreign termination payments);

(e) a payment that would be an employment termination payment but for paragraph 82-130(1)(b) (see Subdivision 83-E ).

Note:

An unused annual leave payment or an unused long service leave payment cannot include a transfer of property.

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S 80-15(1) amended by No 15 of 2007, s 3 and Sch 3 item 8, by inserting " be or " after " can " , applicable to the 2007-2008 income year and later years.

80-15(2)    

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The amount of the payment is or includes the *market value of the property.

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S 80-15(2) substituted by No 15 of 2007, s 3 and Sch 3 item 9, applicable to the 2007-2008 income year and later years. S 80-15(2) formerly read:

80-15(2)
If it does, the amount of the payment includes the *market value of the property.

80-15(3)    
The *market value is reduced by the value of any consideration given for the transfer of the property.

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History

S 80-15 inserted by No 9 of 2007 , s 3 and Sch 2 item 1, applicable on and after 1 July 2007.

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