Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

 View history note

 Hide history note

History

Pt 3-3 inserted by No 46 of 1998.

Division 134 - Options  

 View history note

 Hide history note

History

Div 134 inserted by No 46 of 1998.

SECTION 134-1   Exercise of options  

View history reference

134-1(1)    
The modification in item 1 in the table in subsection 134-1(1) of the Income Tax Assessment Act 1997 does not apply to an option (that was granted before 20 September 1985 and exercised after that day) that binds the grantor to create (including grant or issue) or dispose of a CGT asset. Instead, the first element of the cost base and reduced cost base of the CGT asset acquired by the grantee by exercising the option includes the market value of the option when it was exercised.

 View history note

 Hide history note

History

S 134-1 amended by No 58 of 2006 , s 3 and Sch 3 items 4 and 5, by inserting " (1) " before " The modification in item 1 " and substituting " create (including grant or issue) or dispose of a CGT asset " for " dispose of a CGT asset " , applicable in relation to options exercised on or after 27 May 2005.

134-1(2)    

View history reference

This section does not apply to an option if:

(a) it has been renewed or extended; and

(b) the last renewal or extension occurred on or after 20 September 1985.

 View history note

 Hide history note

History

S 134-1(2) inserted by No 58 of 2006 , s 3 and Sch 3 item 6, applicable in relation to options exercised on or after 27 May 2005.

S 134-1 inserted by No 46 of 1998.

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.