Document ID: chunk:federal_register_of_legislation:C2010C00608:clause:4_74
Version: federal_register_of_legislation:C2010C00608
Segment Type: clause
Provision Reference: sch 4 cl 74
Character Range: 21718–22666

74  After Subdivision 104‑B
Insert:

Subdivision 104‑C—End of a CGT asset

104‑25  Cancellation, surrender and similar endings

  The capital proceeds from an ending referred to in subsection 104‑25(3) of the Income Tax Assessment Act 1997 in relation to shares are reduced by any amount that was taken into account as a capital gain for the shares under section 160ZL of the Income Tax Assessment Act 1936 for the 1997‑98 income year or an earlier income year.

Subdivision 104‑D—Bringing into existence a CGT asset

104‑40  Granting an option

  A capital gain or capital loss is disregarded if:
 (a) you made the capital gain or capital loss for the 1997‑98 income year or an earlier income year under Part IIIA of the Income Tax Assessment Act 1936 because you granted an option to an entity, or renewed or extended an option you had granted; and
 (b) the other entity exercises the option in the 1998‑99 income year or a later income year.