Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p18
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 18/32)
Character Range: 1426500–1429079

amounts relating to franchise fees windfall tax
  Taxable amounts on which tax is imposed by the Franchise Fees Windfall Tax (Imposition) Act 1997 are not assessable income and are not *exempt income.

59‑25  Taxable amounts relating to Commonwealth places windfall tax
  Taxable amounts on which tax is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998 are not assessable income and are not *exempt income.

59‑30  Amounts you must repay
 (1) An amount you receive is not assessable income and is not *exempt income for an income year if:
 (a) you must repay it; and
 (b) you repay it in a later income year; and
 (c) you cannot deduct the repayment for any income year.
 (2) It does not matter if:
 (a) you received the amount as part of a larger amount; or
 (b) the obligation to repay existed when you received the amount or it came into existence later.
 (3) This section does not apply to an amount you must repay because you received a lump sum as compensation or damages for a wrong or injury you suffered in your occupation.

59‑35  Amounts that would be mutual receipts but for prohibition on distributions to members or issue of MCIs
  An amount of *ordinary income of an entity is not assessable income and not *exempt income if:
 (a) the amount would be a mutual receipt, but for:
 (i) the entity's constituent document preventing the entity from making any *distribution, whether in money, property or otherwise, to its members; or
 (ii) the entity's constituent document providing for the entity to issue MCIs (within the meaning of the Corporations Act 2001) or to pay *dividends in respect of MCIs; or
 (iii) the entity having issued one or more MCIs (within the meaning of the Corporations Act 2001) or having paid dividends in respect of one or more MCIs; and
 (b) apart from this section, the amount would be assessable income only because of section 6‑5.

59‑40  Issue of rights
 (1) The *market value, as at the time of issue (the issue time), of rights issued to you:
 (a) by a company to *acquire *shares in that company; or
 (b) by a trustee of a unit trust to acquire units in that trust;
is not assessable income and is not *exempt income as at the issue time if the conditions in subsection (2) are satisfied.
 (2) The conditions are as follows:
 (a) at the issue time, you must already own *shares in the company or units in the unit trust (the original interests);
 (b) the rights must be issued to you because of your ownership of the original interests;
 (c) the original interests and the rights must not be *revenue assets or