Income Tax Assessment Act 1997
View history note
Hide history noteFor the purposes of this Division, the proceeds of assuming an obligation, or a part of an obligation, to pay *foreign currency are the total of:
(a) the money you:
(i) received; or
(ii) are entitled to receive; or
in return for incurring the obligation or the part of the obligation; and
(iii) would be entitled to receive in the event of the exercise of an option;
(b) the *market value of any *non-cash benefit you:
(i) acquired or obtained; or
(ii) are entitled to acquire or obtain; or
in return for incurring the obligation or the part of the obligation;
(iii) would be entitled to acquire or obtain in the event of the exercise of an option;
reduced by any amounts that are included in assessable income under a provision of this Act other than this Division.
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