Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)

Schedule 3   Employee share schemes

Income Tax Assessment Act 1936

14   After section 139GC

Insert:

139GCA Meaning of subsidiary

The expression subsidiary has the same meaning as in the Corporations Act 2001.

139GCB Meaning of 100% takeover

A 100% takeover of a company by another company is an arrangement that is intended to result in the company becoming a 100% subsidiary of the other company, or of a holding company or subsidiary of the other company.

139GCC Meaning of restructure

A restructure of a company is a change in the ownership, or the structure of the ownership, of the company as a result of which some or all shares or rights held in the company under an employee share scheme immediately before the change:

(a) are replaced; or

(b) could reasonably be regarded as having been replaced;

wholly or partly by shares or rights in one or more other companies.