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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-40 - RULES AFFECTING EMPLOYEES AND OTHER TAXPAYERS RECEIVING PAYG WITHHOLDING PAYMENTS    View history reference

Division 80 - General rules    View history reference

Operative provisions  

SECTION 80-15  Transfer of property  

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80-15(1)  

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Any of the following payments covered by this Part (but no others covered by this Part) can be or include a transfer of property:


(a) an *employment termination payment;


(b) a *genuine redundancy payment;


(c) an *early retirement scheme payment;


(d) a payment covered by Subdivision 83-D (Foreign termination payments);


(e) a payment that would be an employment termination payment but for paragraph 82-130(1)(b) (see Subdivision 83-E).

Note:

An unused annual leave payment or an unused long service leave payment cannot include a transfer of property.

80-15(2)  

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The amount of the payment is or includes the *market value of the property.

80-15(3)  

The *market value is reduced by the value of any consideration given for the transfer of the property.


 



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