Document ID: chunk:federal_register_of_legislation:C2012C00706:clause:3_33
Version: federal_register_of_legislation:C2012C00706
Segment Type: clause
Provision Reference: sch 3 cl 33
Character Range: 90894–91914

33  Section 701‑63
Repeal the section, substitute:

701‑63  Right to future income and WIP amount asset
 (5) A right to future income is a valuable right (including a contingent right) to receive an amount if:
 (a) the valuable right forms part of a contract or agreement; and
 (b) the *market value of the valuable right (taking into account all the obligations and conditions relating to the right) is greater than nil; and
 (c) the valuable right is neither a *Division 230 financial arrangement nor a part of a Division 230 financial arrangement; and
 (d) it is reasonable to expect that an amount attributable to the right will be included in the assessable income of any entity at a later time.
 (6) WIP amount asset means an asset that is in respect of work (but not goods) that has been partially performed by a recipient mentioned in paragraph 25‑95(3)(b) for a third entity but not yet completed to the stage where a recoverable debt has arisen in respect of the completion or partial completion of the work.