S 139CE repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections
83A-5(1)
and
(2)
of the
Income Tax (Transitional Provisions) Act 1997
. S 139CE formerly read:
SECTION 139CE EXEMPTION CONDITIONS
139CE(1)
This section sets out the 3 exemption conditions that, subject to subsection (3A), must be satisfied for section
139BA
to apply to a share or right acquired under an employee share scheme.
History
S 139CE(1) amended by No 147 of 2005.
139CE(2)
The first condition is that the scheme did not have any conditions that could result in any recipient forfeiting ownership of shares or rights acquired under it.
139CE(3)
The second condition is that the scheme was operated so that no recipient would be permitted to dispose of a share or right (the
scheme share
or
scheme right
) acquired under it, or of a share acquired as a result of a scheme right, before the earlier of the following times:
(a)
the end of the period of 3 years after the time of the acquisition of the scheme share or scheme right;
(b)
the time when the taxpayer ceased, or first ceased, to be employed by the employer.
139CE(3A)
Subsection (3) does not apply in relation to a share or right that, because of section
139DQ
, is treated, for the purposes of this Division, as if it were a continuation of a share or right acquired under an employee share scheme.
History
S 139CE(3A) inserted by No 147 of 2005.
139CE(4)
The third condition is that both the employee share scheme and any scheme for the provision of financial assistance in respect of acquisitions of shares or rights under the employee share scheme are operated on a non-discriminatory basis (see section
139GF
).
History
S 139CE(4) amended by No 122 of 1997.
139CE(5)
For the purposes of subsection (3), a taxpayer only ceases the employment in respect of which the share or right was acquired when the taxpayer is no longer employed by any of the following:
(a)
the employer of the taxpayer in that employment;
(b)
a holding company of the employer;
(c)
a subsidiary of the employer or of a holding company of the employer.
S 139CE inserted by No 169 of 1995.
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