Income Tax Assessment Act 1997

Part 3-3 inserted by No 46 of 1998.

Div 152 inserted by No 165 of 1999 (as amended by No 173 of 2000).

S 152-310(2) amended by No 56 of 2010, s 3 and Sch 6 item 7, by substituting " not assessable income, and is not * exempt income, of " for " exempt from income tax for " in para (a), applicable in relation to payments made after 30 June 2007.

S 152-310(2) amended by No 97 of 2008 , s 3 and Sch 3 item 114, by substituting " exempt from income tax for " for " * exempt income of " in para (a), effective 3 October 2008.

S 152-310(2) substituted by No 15 of 2007, s 3 and Sch 2 item 5. Act No 143 of 2007 , s 3 and Sch 5 item 28 substitutes the application of this amendment with the following:

(1)
The amendments apply to:

(a) individuals who:

(i) make the choice referred to in subsection 152-305(1) of the Income Tax Assessment Act 1997 ; or

(ii) receive capital proceeds from a CGT event; and

(b) companies or trusts that make a payment referred to in section 152-325 of the Income Tax Assessment Act 1997 ;

after 30 June 2007, regardless of when the relevant CGT event happened.

S 152-310(2) formerly read:

Additional consequence for an individual

152-310(2)
This Act applies to you as if:

(a) an * eligible termination payment of the following amount (up to the asset ' s * CGT exempt amount) were made to you:

(i) if the relevant * CGT event is CGT event J2, J5 or J6 - the amount of the * capital gain you made from that event;

(ii) otherwise - the amount of * capital proceeds from the CGT event; and

(b) either:

(i) if the relevant CGT event is CGT event J2, J5 or J6 - the payment were made to you when you made the choice; and

(ii) otherwise - the payment were made to you at the later of when you made the choice and when you received the proceeds.

Note:

For the rules about eligible termination payments, see Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 .

S 152-310(2) substituted by No 55 of 2007 , s 3 and Sch 1 item 49, applicable to CGT events happening in the 2006-07 income year or later income years. S 152-310(2) formerly read:

Additional consequence for an individual

152-310(2)
This Act applies to you as if the * capital proceeds from the * CGT event (to the extent of the asset ' s * CGT exempt amount) were an * eligible termination payment made to you at the later of:

(a) when you made the choice; and

(b) when you received the amount.

Note:

For the rules about eligible termination payments, see Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 .

S 152-310(3) substituted by No 42 of 2009, s 3 and Sch 2 item 36, applicable to payments that are made (whether by a company or trust to comply with section 152-325 of the Income Tax Assessment Act 1997 or by an interposed entity) on or after 23 June 2009. For transitional provision relating to choice, see note under s 152-10(1) . S 152-310(3) formerly read:

152-310(3)
If you receive the * capital proceeds from the CGT event in instalments, subsection (2) applies to each instalment in succession (up to the asset ' s * CGT exempt amount).

S 152-310(3) substituted by No 55 of 2007 , s 3 and Sch 1 item 49, applicable to CGT events happening in the 2006-07 income year or later income years. S 152-310(3) formerly read:

152-310(3)
In working out those * capital proceeds, disregard the * market value substitution rule (see section 116-30 ).

S 152-310(4) repealed by No 15 of 2007, s 3 and Sch 2 item 6. Act No 143 of 2007 , s 3 and Sch 5 item 28 substitutes the application of this amendment with the following:

(1)
The amendments apply to:

(a) individuals who:

(i) make the choice referred to in subsection 152-305(1) of the Income Tax Assessment Act 1997 ; or

(ii) receive capital proceeds from a CGT event; and

(b) companies or trusts that make a payment referred to in section 152-325 of the Income Tax Assessment Act 1997 ;

after 30 June 2007, regardless of when the relevant CGT event happened.

S 152-310(4) formerly read:

152-310(4)
The amount of that * eligible termination payment mentioned in paragraph (2)(a) is, for the purposes of Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 , a CGT exempt component.

S 152-310(4) amended by No 55 of 2007 , s 3 and Sch 1 item 50, by inserting " mentioned in paragraph (2)(a) " after " payment " , applicable to CGT events happening in the 2006-07 income year or later income years.

S 152-310(5) repealed by No 15 of 2007, s 3 and Sch 2 item 6. Act No 143 of 2007 , s 3 and Sch 5 item 28 substitutes the application of this amendment with the following:

(1)
The amendments apply to:

(a) individuals who:

(i) make the choice referred to in subsection 152-305(1) of the Income Tax Assessment Act 1997 ; or

(ii) receive capital proceeds from a CGT event; and

(b) companies or trusts that make a payment referred to in section 152-325 of the Income Tax Assessment Act 1997 ;

after 30 June 2007, regardless of when the relevant CGT event happened.

S 152-310(5) formerly read:

Additional consequences for a company or trust

152-310(5)
Any payment or part of one the company or trust makes to comply with section 152-325 :

(a) is, for the purposes of Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 , a CGT exempt component; and

(b) cannot be deducted from the company ' s or trust ' s assessable income.

S 152-310(5) amended by No 55 of 2007 , s 3 and Sch 1 item 51, by omitting " * eligible termination " after " Any " , applicable to CGT events happening in the 2006-07 income year or later income years.

S 152-310 inserted by No 165 of 1999 (as amended by No 173 of 2000).