(1) When a
simultaneous put and call option comes into existence, the call option is
taken to be an agreement for the transfer of the option property to A and is
liable to duty accordingly, unless —
(a) the
call option and the put option are only for the purpose of obtaining finance
or making other financial arrangements; or
(b) the
call option and the put option form part of a scheme of call options and put
options given by the proprietors of a business that —
(i)
are only for the purpose of facilitating the continuation
of the business by one or some of the proprietors (the "continuing proprietor
or proprietors” ); and
(ii)
are not exercisable except on the occurrence of an event
specified in them that would cause the continuing proprietor or proprietors to
seek to acquire the interest of another of the proprietors.
(2) In
subsection (1)(b) —
“proprietor” means —
(a) in
the case of a partnership — a partner; or
(b) in
the case of a company — a shareholder; or
(c) in
the case of a unit trust scheme — a unit holder; or
(d) in
any other case — a person the Commissioner determines to be a
proprietor of the business.
(3) For the purposes
of subsection (1), it is irrelevant whether or not the call option is
assigned as referred to in section 49.