Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 116.65

  (1)   This section applies if:

  (a)   you granted, renewed or extended an option to create (including grant or issue) or * dispose of a * CGT asset; and

  (b)   another entity exercises the option; and

  (c)   because of the exercise of the option, you create (including grant or issue) or dispose of the CGT asset.

  (2)   The * capital proceeds from the creation (including grant or issue) or disposal include any payment you received for granting, renewing or extending the option.

  (3)   The payment can include giving property: see section   103 - 5.