Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009 (133 of 2009)

Schedule 1   Employee share schemes

Part 2   Consequential amendments

Income Tax Assessment Act 1997

51   Subsection 247-15(3)

Repeal the subsection, substitute:

(3) This Division does not apply to a *capital protected borrowing if:

(a) an *ESS interest is acquired under the borrowing; and

(b) Subdivision 83A-B or 83A-C (about employee share schemes) applies to the ESS interest.