Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 775.95

Proceeds of assuming an obligation to pay foreign currency

                   For the purposes of this Division, the proceeds of assuming an obligation, or a part of an obligation, to pay * foreign currency are the total of:

                     (a)  the money you:

                              (i)  received; or

                             (ii)  are entitled to receive; or

                            (iii)  would be entitled to receive in the event of the exercise of an option;

                            in return for incurring the obligation or the part of the obligation; and

                     (b)  the * market value of any * non-cash benefit you:

                              (i)  acquired or obtained; or

                             (ii)  are entitled to acquire or obtain; or

                            (iii)  would be entitled to acquire or obtain in the event of the exercise of an option;

                            in return for incurring the obligation or the part of the obligation;

reduced by any amounts that are included in assessable income under a provision of this Act other than this Division.



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