Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 775.95

    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.