New International Tax Arrangements (Foreign-owned Branches and Other Measures) Act 2005 (64 of 2005)

Schedule 4   Cross border employee shares or rights

Part 2   Application provisions

38   Application - amendments of the Income Tax Assessment Act 1936

 

(1) The amendments made by items 2 to 24 of this Schedule apply in relation to shares or rights that a person acquires, or has acquired, under an employee share scheme only in accordance with subitem (2) or (3).

      

(2) The amendments apply, on and from the time of the acquisition, if the person acquired the shares or rights on or after the day on which this Act received the Royal Assent.

      

(3) If:

(a) immediately before that day, the person was not an employee in respect of employment that affects the acquisition or holding of the share or right; and

(b) the person becomes an employee in respect of that employment on or after that day; and

(c) at the time of becoming an employee in respect of that employment, the person holds shares or rights that the person acquired under an employee share scheme; and

(d) this subitem has not previously applied in relation to the person;

the amendments apply, on and from the time when the person becomes an employee in respect of that employment, to any shares or rights the person holds that the person acquired under an employee share scheme (whether or not the shares or rights were acquired before, on or after that day).

      

(4) Subitem (3) does not limit the operation of subitem (2).

      

(5) Expressions used in this item have the same meaning as they have for the purposes of Division 13A of Part III of the Income Tax Assessment Act 1936. However, paragraph 139GA(1)(b) of that Act does not apply in relation to subitem (3).