Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p3
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 3/4)
Character Range: 462239–464976

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 must not have *acquired the *share or right for more than the *cost base of the share or right (in the hands of the trustee) at the time of the transfer.

Note: There are transitional rules for some shares or rights acquired under employee share schemes: see Subdivision 130‑D of the Income Tax (Transitional Provisions) Act 1997.

Division 132—Leases

Table of sections

132‑1 Lessee incurs expenditure to get lease term varied or waived
132‑5 Lessor pays lessee for improvements
132‑10 Grant of a long‑term lease
132‑15 Lessee of land acquires reversionary interest of lessor

132‑1  Lessee incurs expenditure to get lease term varied or waived

  If the lessee of property incurs expenditure in obtaining the consent of the lessor to vary or waive a term of the lease, the fourth element of the lease's *cost base and *reduced cost base includes the amount of that expenditure.

  The expenditure can include giving property: see section 103‑5.

132‑5  Lessor pays lessee for improvements

  The fourth element of the *cost base and *reduced cost base of property that was subject to a lease includes any payment (because of the lease expiring or being surrendered or forfeited) by the lessor to the lessee for expenditure of a capital nature incurred by the lessee in making improvements to the lease property.

  The payment or expenditure can include giving property: see section 103‑5.

132‑10  Grant of a long‑term lease

 (1) These rules apply if *CGT event F2 happens for a lessor of property.

 (2) For any later *CGT event that happens to the land or the lessor's lease of it, its *cost base and *reduced cost base (including the cost base and reduced cost base of any building, part of a building, structure or improvement that is treated as a separate *CGT asset) excludes:

 (a) any expenditure incurred before *CGT event F2 happens; and

 (b) the *cost of any *plant for which the lessor has deducted or can deduct for depreciation under this Act.

Note: Subdivision 108‑D sets out when a building, structure or improvement is treated as a separate CGT asset.

 (3) The fourth element of the property's *cost base and *reduced cost base includes any payment by the lessor to the lessee to vary or waive a term of the lease or for the forfeiture or surrender of the lease.

 (4) The expenditure or payment can include giving property: see section 103‑5.

132‑15  Lessee of land acquires reversionary interest of lessor

 (1) This table