Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT 1990No. 35, 1990 - SECT 29

29. Section 160ZZC of the Principal Act is amended:

   (a)  by omitting from subsection (3) "subsection (3A)" and substituting
        "subsections (3A), (3AA) and (3AB)";

   (b)  by inserting after subsection (3) the following subsections:

"(3AA) If an option was granted after 19 September 1985 but before 23 May 1986
that binds the grantor to dispose of an asset acquired before 20 September
1985, the grant of the option is not taken to have constituted the disposal of
the option by the grantor but this subsection does not affect the operation of
subsections (7) and (8) in relation to the option.

"(3AB) If an option was granted after 19 September 1985 but before 23 May 1986
that binds the grantor to acquire an asset and the option expires without
being exercised or is cancelled, released or abandoned, the grant of the
option is not taken to have constituted the disposal of the option by the
grantor.";

   (c)  by adding at the end of subparagraph (3A) (e) (ii) "; and";

   (d)  by inserting after subparagraph (3A) (e) (ii) the following
        subparagraph:
  "(iii)   subsection 160ZD (2) does not apply in respect of the disposal.".