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

Schedule 4   Cross border employee shares or rights

Part 1   Amendments

Income Tax Assessment Act 1936

5   After subsection 139B(1)

Insert:

(1A) However, for any period during which the taxpayer is a non-resident, the discount is not included under subsection (1) in the assessable income of the taxpayer to the extent that the discount is given in respect of, or for or in relation directly or indirectly to, the taxpayer's engagement in foreign service that relates to the acquisition of the share or right.

Note: Foreign service is defined in section 139GBA.