INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteA taxpayer who acquired shares by the conversion of a convertible note shall be deemed, for the purposes of this Part, to have paid as consideration in respect of the acquisition of the shares an amount equal to -
(a) if the convertible note was acquired before 20 September 1985 and the taxpayer paid or gave any consideration in respect of the conversion - the sum of the market value of the note at the time when the conversion took place and the amount or value of the consideration paid or given in respect of the conversion; or
(b) if the convertible note was acquired on or after 20 September 1985 -
(i) if no consideration was paid or given by the taxpayer in respect of the conversion - the amount or value of the consideration paid or given by the taxpayer in respect of the acquisition of the convertible note; or
(ii) if the taxpayer paid or gave any consideration in respect of the conversion - the sum of the amount or value of that consideration and the amount or value of the consideration paid or given by the taxpayer in respect of the acquisition of the convertible note.
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