Income Tax Assessment Act 1936
View history note
Hide history noteDiv 13A repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections 83A-5(1) and (2) of the Income Tax (Transitional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Former Div 13A repealed by No 224 of 1992 and inserted by No 126 of 1977.
(Repealed by No 133 of 2009)
S 139CB repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections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 139CB formerly read:
S 139CB(1) amended by No 41 of 2005. No 41 of 2005, s 3 and Sch 3 item 22 contains the following application provision:
acquisition
Subdivision
DA
can affect whether the taxpayer is treated as having disposed of a right or ceased employment.
SECTION 139CB CESSATION TIME
-
RIGHTS
139CB(1)
The
cessation time
for a right is the earliest of the following:
(a)
the time when the taxpayer disposes of the right (other than by exercising it);
(b)
the time when the employment in respect of which the right was acquired ceases;
(c)
subject to subsection (3), if the right is exercised and there is a restriction preventing the taxpayer from disposing of the share acquired as a result of the exercise of the right or a condition that could result in the taxpayer forfeiting ownership of the share
-
the time when the last such restriction or condition ceases to have effect;
(d)
subject to subsection (3), if the right is exercised and there is no such restriction or condition
-
the time when the right is exercised;
(da)
if subsection (3) applies
-
the time when the taxpayer disposes of the share referred to in paragraph (3)(b);
(e)
the end of the 10 year period starting when the taxpayer acquired the right.
22 Application
(1)
The amendment is taken to have applied, to acquisitions of shares or rights on or after 1 July 2004.
(2)
In this item:
, of a share or right, has the same meaning as in Division
13A
of Part
III
of the
Income Tax Assessment Act 1936
.
139CB(2)
For the purposes of subsection (1), a taxpayer only ceases the employment in respect of which the right was acquired when the taxpayer is no longer employed by any of the following:
(a)
the employer of the taxpayer in that employment;
(b)
a holding company of the employer;
(c)
a subsidiary of the employer or of a holding company of the employer.
Note:
139CB(3)
Paragraphs (1)(c) and (d) do not apply in relation to a right if:
(a) a share has been or is acquired as a result of the exercise of the right; and
(b) because of section 139DQ , another share is treated, for the purposes of this Division, as if it were a continuation of that share.
S 139CB(3) and the note above inserted by No 41 of 2005. No 41 of 2005, s 3 and Sch 3 item 22 contains the following application provision:
22 Application
(1)
The amendment is taken to have applied, to acquisitions of shares or rights on or after 1 July 2004.
(2)
In this item:acquisition
, of a share or right, has the same meaning as in Division 13A of Part III of the Income Tax Assessment Act 1936 .
S 139CB inserted by No 169 of 1995.