INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-40 - RULES AFFECTING EMPLOYEES AND OTHER TAXPAYERS RECEIVING PAYG WITHHOLDING PAYMENTS  

Division 80 - General rules  

Operative provisions  

SECTION 80-15   Transfer of property  

80-15(1)  


Any of the following payments covered by this Part (but no others covered by this Part) can be or include a transfer of property:


(a) an *employment termination payment;


(b) a *genuine redundancy payment;


(c) an *early retirement scheme payment;


(d) a payment covered by Subdivision 83-D (Foreign termination payments);


(e) a payment that would be an employment termination payment but for paragraph 82-130(1)(b) (see Subdivision 83-E ).

Note:

An unused annual leave payment or an unused long service leave payment cannot include a transfer of property.

80-15(2)  


The amount of the payment is or includes the *market value of the property.

80-15(3)  
The *market value is reduced by the value of any consideration given for the transfer of the property.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.