Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.
(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.
(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.
(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.
(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).
(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.