Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p2
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 2/4)
Character Range: 459885–462498

(or any *share you *acquired by exercising the right) in an arm's length transaction at the *cessation time, or within 30 days after that time, any *capital gain or *capital loss you make from the disposal is disregarded.

Note: The full list of CGT events is in section 104‑5.

 (3) If that event does not happen in relation to the *share or right (or any *share you *acquired by exercising the right) in an arm's length transaction at the *cessation time, or within 30 days after that time:

 (a) you are taken to have acquired the share or right at the cessation time; and

 (b) the first element of the *cost base and *reduced cost base of the share or right is its market value (worked out under sections 139FA to 139FF of the Income Tax Assessment Act 1936) at that time.

130‑85  Share or right acquired under employee share scheme involving your associate

 (1) This section sets out the modification to the rules about *cost base and *reduced cost base that happens if:

 (a) you *acquire a *share or right at a discount (within the meaning of Subdivision C of Division 13A of Part III of the Income Tax Assessment Act 1936) under an *employee share scheme; and

 (b) an amount is included, under section 139D of the Income Tax Assessment Act 1936, in:

 (i) your *associate's assessable income; or

 (ii) the assessable income of a company (an affiliate company) where you own an indirect interest in a *share in the company or in a right to acquire a share in it through one or more interposed companies, partnerships or trusts.

 (2) The first element of the *cost base and *reduced cost base of the *share or right is its market value (worked out under sections 139FA to 139FF of the Income Tax Assessment Act 1936) when you *acquired it.

130‑90  Share or right acquired under an employee share trust

 (1) A *capital gain or a *capital loss a trustee makes when a beneficiary becomes absolutely entitled to a *share or right in a company is disregarded if these conditions are satisfied.

 (1A) The beneficiary must be:

 (a) a *PAYE earner of the company or of another company (at the time the beneficiary first became beneficially entitled to the *share or right); or

 (b) an *associate or affiliate company of such a PAYE earner.

 (2) The terms of the trust must have required or authorised the trustee to transfer the *share or right to the *PAYE earner, *associate or affiliate company.

 (3) The *PAYE earner, *associate or affiliate company must have acquired the *share or right under an *employee share scheme.

 (4) The *PAYE earner, *associate or affiliate company