Tax and Superannuation Laws Amendment (2015 Measures No. 6) Act 2016 (10 of 2016)

Schedule 1   CGT treatment of earnout rights

Part 3   Other consequential amendments

Taxation Administration Act 1953

34   At the end of section 280-100 in Schedule 1

Add:

Liability arising because of a financial benefit under a look-through earnout right

(5) Subsection (1) does not apply if:

(a) you provide or receive a *financial benefit under a *look-through earnout right; and

(b) you request the Commissioner to amend your assessment for an income year (the taxing year ) to take account of the financial benefit; and

(c) you make that request at or before the time:

(i) you are required to lodge your *income tax return for the income year in which the financial benefit is provided or received; or

(ii) you would be so required if you were required to lodge an income tax return for that income year; and

(d) as a result of paragraph (a), you are liable to pay an additional amount of income tax for the taxing year.