INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 116 - Capital proceeds  

Special rules  

SECTION 116-65   Disposal etc. of a CGT asset the subject of an option  

116-65(1)  
This section applies if:


(a) you granted, renewed or extended an option to create (including grant or issue) or *dispose of a *CGT asset; and


(b) another entity exercises the option; and


(c) because of the exercise of the option, you create (including grant or issue) or dispose of the CGT asset.

116-65(2)  
The *capital proceeds from the creation (including grant or issue) or disposal include any payment you received for granting, renewing or extending the option.

116-65(3)  
The payment can include giving property: see section 103-5 .


 

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