Income Tax Assessment Act 1936
PART III - LIABILITY TO TAXATION Division 16E - Accruals assessability, etc., in respect of certain security payments
SECTION 159GQ TAX TREATMENT OF HOLDER OF QUALIFYING SECURITY 159GQ(1) Accrual amounts to be worked out.
If a taxpayer holds a qualifying security for all or part of a year of income, the effect on the taxpayer's taxable income is determined by working out the accrual amount (see section 159GQB ) for each accrual period (see section 159GQA ) in the year of income and then summing the accrual amounts.159GQ(2) Positive sum assessable.
If the sum is a positive amount, the amount is included in the assessable income of the taxpayer of the year of income.159GQ(3) Negative sum deductible.
If the sum is a negative amount, a deduction of the amount is allowable in the assessment of the taxpayer of the year of income.
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