Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p27
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 27/64)
Character Range: 466372–468737

Sydney market.
 (2) For the purposes of this section, an asset is taken to have been listed on an Australian stock exchange on 30 June 1988 if, and only if, on that day the asset had the status of having been granted official quotation by a securities exchange within the meaning of the former Securities Industry Act 1980 or the law of a State or Territory corresponding to that former Act.

295‑95  Adjustment of cost base as at 30 June 1988—return of capital
 (1) If:
 (a) 30 June 1988 assets of the entity's consist of shares in a company; and
 (b) at any time during the period commencing at the time when the shares were acquired and ending at the end of 30 June 1988, the company paid an amount that was not a dividend to the entity in respect of the shares;
the cost base to the entity of the shares as at 30 June 1988 is reduced by that amount.
 (2) If:
 (a) a 30 June 1988 asset of the entity's consists of an interest or unit in a trust; and
 (b) at any time during the period commencing at the time when the interest or unit was acquired and ending at the end of 30 June 1988, the trustee of the trust paid an amount to the entity in respect of the interest or unit, being:
 (i) in a case where the entity was exempt from tax for the year of income in which the payment was made—an amount that, if the entity had not been exempt from tax, would not have been the entity's assessable income; or
 (ii) in any other case—an amount that would not have been the entity's assessable income;
the cost base to the entity of the interest or unit as at 30 June 1988 is reduced by so much of the amount as is not attributable to a deduction allowed under former Division 10C or 10D of the Income Tax Assessment Act 1936.

295‑100  Exercise of rights
 (1) Despite section 130‑40 of the Income Tax Assessment Act 1997, the modifications in subsections (2) and (3) of this section apply if an entity exercises rights or options as mentioned in that section to acquire:
 (a) shares in a company, or options to acquire shares in a company; or
 (b) units in a unit trust, or options to acquire units in a unit trust;
and those rights or options are 30 June 1988 assets of the entity.
 (2) The first element of the cost base of the shares, units or options is the sum of:
 (a) the amount paid to exercise the rights or options; and
 (b) the greater of the market value of