Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The * market value, as at the time of issue (the issue time ), of rights issued to you:
(a) by a company to * acquire * shares in that company; or
(b) by a trustee of a unit trust to acquire units in that trust;
is not assessable income and is not * exempt income as at the issue time if the conditions in subsection (2) are satisfied.
(2) The conditions are as follows:
(a) at the issue time, you must already own * shares in the company or units in the unit trust (the original interests );
(b) the rights must be issued to you because of your ownership of the original interests;
(c) the original interests and the rights must not be * revenue assets or * trading stock at the issue time;
(d) if you acquired a beneficial interest in the rights under an * employee share scheme--neither Subdivision 83A - B nor 83A - C (about employee share schemes) applies to the beneficial interest;
(e) the original interests and the rights must not be * traditional securities;
(f) the original interests must not be * convertible interests.