Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 775.100

  (1)   For the purposes of this Division, the net costs of assuming an obligation, or a part of an obligation, to receive * foreign currency are the total of:

  (a)   the money you:

  (i)   are required to pay; or

  (ii)   would be required to pay in the event of the exercise of an option;

    in respect of the fulfilment of the obligation or the part of the obligation; and

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

  (i)   are required to provide; or

  (ii)   would be required to provide in the event of the exercise of an option;

    in respect of the fulfilment of the obligation or the part of the obligation;

reduced by the amount worked out under subsection   (2).

  (2)   The amount worked out under this subsection is the total of:

  (a)   the money you:

  (i)   received; or

  (ii)   are entitled to receive;

    because you incurred the obligation or the part of the obligation; and

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

  (i)   received or obtained; or

  (ii)   are entitled to receive or obtain;

    because you incurred 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.

  (3)   To avoid doubt, paragraphs   (2)(a) and (b) do not apply to money or a * non - cash benefit that you:

  (a)   received or obtained; or

  (b)   are entitled to receive or obtain;

because of the fulfilment of the obligation or the part of the obligation.