Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.