Tax and Superannuation Laws Amendment (Employee Share Schemes) Act 2015 (105 of 2015)

Schedule 1   Improvements to taxation of employee share schemes

Part 2   Amendments about market value

Income Tax Assessment Act 1997

46   After section 960-410

Insert:

960-412 Working out market value using an approved method

(1) The *market value of an asset or *non-cash benefit that you work out using a method approved under subsection (2) for that kind of asset or benefit binds the Commissioner in relation to you.

Note: You do not have to use the method.

(2) The Commissioner may, by legislative instrument, approve methods for working out the *market value of assets or *non-cash benefits. A method may include conditions.

Note 1: Different methods may be approved for different kinds of assets or non-cash benefits (see subsection 13(3) of the Legislative Instruments Act 2003).

Note 2: Any approved method would need to be consistent with the other rules about market value in this Subdivision.