Document ID: chunk:federal_register_of_legislation:C2004A04077:schedule:2:p5
Version: federal_register_of_legislation:C2004A04077
Segment Type: schedule
Provision Reference: sch 2 (pt 5/21)
Character Range: 51742–54518

for the purposes of subsection (3) if the person receives an amount under an arrangement of the kind referred to in the definition of 'accruing return investment' in subsection 35 (1) to the extent that subsection (1) or (2) does not apply to the receipt.".

  Commencement: Day of Royal Assent

Market-linked investments

  45. Section 37d of the Principal Act is amended:

  (a) by inserting in subsection (1) "or acquires" after "makes";

     (b) by inserting in paragraph (1) (a) ", or acquired, by the person" after "made";

  (c) by adding at the end the following subsections:

      "(3) Where a person:

       (a) made or acquired a market-linked investment before 9 September 1988; and

       (b) either:

             (i) realised the investment before the commencement of this subsection; or

             (ii) realises the investment after that commencement;

         so as to receive an amount by way of return on that investment;

     the person is taken, for the purposes of this Act, to receive 1/52 of that amount as income of the person during each week in the period of 12 months commencing on the day on which the person receives the amount.

     "(4) For the purposes of subsection (3), a person realises an investment if, and only if:

       (a) all or part of the amount invested is withdrawn; or

         (b) all or part of the return on the investment is paid to another person; or

       (c) the investment matures; or

         (d) the investment is assigned by the person to another person; or

         (e) the investment is disposed of by the person otherwise than in the way referred to in paragraph (d).

     "(5) For the purposes of subsection (3), where a person assigns or otherwise disposes of an investment, the person is taken to receive by way of a return on the investment the amount of the return at the date of the disposal.

      "(6) For the purposes of subsection (3), where a person

     realises an investment in circumstances where the return on the investment is paid to another person, the return is taken to be received by the person realising the investment.

     "(7) For the purposes of subsection (3), where a person's investment matures, the person is taken to receive by way of return on the investment the amount of the return at the date of the maturity.".

  Commencement: Day of Royal Assent

Special provisions about certain investments made or acquired before 9 September 1988

  46. Section 37e of the Principal Act is amended:

  (a) by inserting in paragraph (1) (a) "or acquired" after "made";

     (b) by inserting in subsection (1) ", or acquired, by the person" after "made" (last occurring);

     (c) by inserting in paragraph (2) (b) ", or acquired, by the person" after "made" (wherever