Document ID: chunk:federal_register_of_legislation:C2025C00014:section:52a:p5
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 52A (pt 5/6)
Character Range: 382111–384816

be withdrawn or varied and it could reasonably be expected that, as a result of a withdrawal or variation of those rights, the value of the prescribed property purchased or acquired by the taxpayer would be substantially reduced—the Commissioner shall have regard to that transaction, operation, undertaking, scheme or arrangement; and
 (j) the Commissioner shall have regard to any other matters that he or she considers relevant.
 (4) In this section, prescribed property means any chose in action.
 (4A) In the preceding provisions of this section, references to the value of any prescribed property shall, unless the contrary intention appears, be read as including references to part of the value of that prescribed property.
 (5) For the purposes of this section:
 (a) a person to whom prescribed property is issued or allotted by a company shall be taken to have acquired that prescribed property;
 (b) a person upon whom prescribed property devolves by reason of the death of a person shall be taken to have acquired that prescribed property; and
 (c) a person in whom prescribed property vests by the operation of any trust or the exercise of any power under a trust shall be taken to have acquired that prescribed property.
 (6) The reference in paragraph (3)(b) to terms and conditions shall be read as including a reference to implied terms and conditions and to terms and conditions that are not enforceable by legal proceedings whether or not they were intended to be so enforceable.
 (7) Where, by virtue of the application of the preceding provisions of this section, the amount (in this subsection referred to as the relevant amount) of the deduction that is allowable to a taxpayer in respect of losses or outgoings incurred by the taxpayer in the purchase or acquisition of prescribed property is less than the amount of those losses and outgoings, the cost of that prescribed property shall, for the purposes of the application of Divisions 70 (Trading stock) and 385 (Primary production) of the Income Tax Assessment Act 1997 in relation to that property in relation to the taxpayer, be taken to be an amount that is the same as the relevant amount.
 (8) References in this section to expenditure incurred by a taxpayer in the purchase or acquisition of any prescribed property shall, in the case of prescribed property being a share or stock in the capital of a company, be read as including references to any payment made or other consideration given by the taxpayer to the company in respect of the prescribed property, whether as a payment of unpaid capital in respect of the prescribed property or otherwise and whether on application for or allotment of the prescribed property,