Income Tax Assessment Act 1936

Div 13A repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections 83A-5(1) and (2) of the Income Tax (Transitional Provisions) Act 1997 .

Div 13A inserted by No 169 of 1995.

Former Div 13A repealed by No 224 of 1992 and inserted by No 126 of 1977.

Subdiv C repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections 83A-5(1) and (2) of the Income Tax (Transitional Provisions) Act 1997 .

S 139CC repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections 83A-5(1) and (2) of the Income Tax (Transitional Provisions) Act 1997 . S 139CC formerly read:

SECTION 139CC CALCULATION OF DISCOUNT  
139CC(1)
This section sets out how to calculate the discount given in relation to a share or right.

139CC(2) Case 1 - discount covered by subsection 139B(2) or (2A) .  

If subsection 139B(2) or (2A) applies to the discount, the discount is the market value of the share or right at the time when it was acquired by the taxpayer less any consideration paid or given by the taxpayer as consideration for the acquisition of the share or right.

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History

S 139CC(2) amended by No 64 of 2005, effective 26 June 2005. For application provision, see note under definition of " eligible foreign remuneration " in s 23AF(18).

139CC(3) Case 2 - discount covered by subsection 139B(3) - share or right disposed of at arm's length within 30 days.  

If subsection 139B(3) applies to the discount, and the share or right (or any share acquired as a result of the exercise of the right) is disposed of by the taxpayer in an arm's length transaction at the cessation time or within 30 days after the cessation time, the discount is:

(a) the amount or value of any consideration received by the taxpayer for the disposal;

reduced by:

(b) the amount or value of any consideration paid or given by the taxpayer as consideration for the acquisition of the share or right; and

(c) for a right that has been exercised - the amount or value of any consideration paid or given to exercise the right.

139CC(4) Case 3 - discount covered by subsection 139B(3) - share or right not disposed of at arm's length within 30 days.  

If subsection 139B(3) applies to the discount, and the share or right (or any share acquired as a result of the exercise of the right) is not disposed of by the taxpayer in an arm's length transaction at the cessation time or within 30 days after the cessation time, the discount is:

(a) the market value of the share or right (or the share acquired as a result of the exercise of the right) at the cessation time;

reduced by:

(b) the amount of any consideration paid or given by the taxpayer as consideration for the acquisition of the share or right; and

(c) for a right that has been exercised - the amount of any consideration paid or given by the taxpayer to exercise the right.

Note:

Section 139DS can affect the amount of consideration that the taxpayer is treated as having paid or given.

S 139CC amended by No 41 of 2005. No 41 of 2005, s 3 and Sch 3 item 8 contains the following application provision:

S 139CC inserted by No 169 of 1995.