INCOME TAX ASSESSMENT ACT 1997 - SECT 80.15 Transfer of property

INCOME TAX ASSESSMENT ACT 1997 - SECT 80.15

  (1)   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.

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

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