Document ID: chunk:federal_register_of_legislation:C2025C00014:section:102b:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 102B (pt 2/2)
Character Range: 822765–824235

derived by a person in pursuance of a transfer to that person of a right to receive income from property where, by reason of subsection 51‑50(3) of the Income Tax Assessment Act 1997, the income so derived by the person is not exempt from tax under section 51‑30 of that Act.
 (4A) Where:
 (a) subsection (1) (other than subparagraph (1)(b)(ii)) applies in relation to a transfer by a person of a right to receive income from property; and
 (b) consideration has been received or is receivable in respect of the transfer;
then, notwithstanding any other provision of this Act (other than a provision of Part IVA), the amount of the consideration shall not be included in the assessable income of the person of a year of income.
 (5) Nothing in any other provision of this Act prevents the amendment of an assessment at any time for the purpose of excluding from the assessable income of a person income that is, by virtue of subsection (1), to be included in the assessable income of another person.
 (6) Where there is excluded from the assessable income of a person an amount that, in pursuance of subsection (1) was previously treated as assessable income of that person, nothing in any other provision of this Act prevents the amendment of any assessment at any time to give effect to the inclusion in the assessable income of another person of an amount that, in pursuance of that subsection, was treated as not being so included for the purposes of the assessment.