Document ID: chunk:federal_register_of_legislation:C2007A00055:clause:1_49
Version: federal_register_of_legislation:C2007A00055
Segment Type: clause
Provision Reference: sch 1 cl 49
Character Range: 38485–39511

49  Subsections 152‑310(2) and (3)
Repeal the subsections, substitute:

Additional consequence for an individual

 (2) This Act applies to you as if:
 (a) an *eligible termination payment of the following amount (up to the asset's *CGT exempt amount) were made to you:
 (i) if the relevant *CGT event is CGT event J2, J5 or J6—the amount of the *capital gain you made from that event;
 (ii) otherwise—the amount of *capital proceeds from the CGT event; and
 (b) either:
 (i) if the relevant CGT event is CGT event J2, J5 or J6—the payment were made to you when you made the choice; and
 (ii) otherwise—the payment were made to you at the later of when you made the choice and when you received the proceeds.

Note: For the rules about eligible termination payments, see Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936.

 (3) If you receive the *capital proceeds from the CGT event in instalments, subsection (2) applies to each instalment in succession (up to the asset's *CGT exempt amount).