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

10   Paragraphs 139CD(1)(a) and (b)

Repeal the paragraphs, substitute:

(a) a share in a company is a qualifying share if:

(i) the 6 conditions below are satisfied; and

(ii) in the case of a share that a taxpayer has acquired while engaged in foreign service - section 139CDA applies to the share; and

(b) a right to acquire a share in a company is a qualifying right if:

(i) the first, second, third, fifth and sixth of the 6 conditions below are satisfied; and

(ii) in the case of a right that a taxpayer has acquired while engaged in foreign service - section 139CDA applies to the right.