Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This subsection covers a valuable right (including a contingent right) to receive an amount for the performance of work or services or the provision of goods (other than * trading stock) 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.
(2) For the purposes of this Part, treat a valuable right covered by subsection (1) as a separate asset.
(3) For the purposes of this Part, if:
(a) a valuable right is treated as a separate asset under subsection (2); and
(b) the contract or agreement mentioned in paragraph (1)(a) also includes one or more other rights;
for the purposes of this Part, treat the contract or agreement (excluding the valuable right) as a separate asset.
(4) For the purposes of this Part:
(a) take into account all the obligations and conditions relating to a valuable right treated as a separate asset under subsection (2) in working out the * market value of that separate asset; and
(b) if a contract or agreement (excluding the valuable right) is treated as a separate asset under subsection (3)--take into account all the obligations and conditions relating to each right (other than the valuable right) that forms part of the contract or agreement in working out the market value of that separate asset.
Guide to Division 703