Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 139DR

             (1)  The first condition is that, immediately before the takeover or restructure, the taxpayer held shares or rights in the old company under an employee share scheme.

             (2)  The second condition is that, if the taxpayer has not made an election under section 139E covering the share or right, the taxpayer is, at or about the time the taxpayer acquires the matching shares or rights, an employee of:

                     (a)  the new company; or

                     (b)  a holding company of the new company; or

                     (c)  a subsidiary of the new company or of a holding company of the new company.

             (3)  The third condition is that:

                     (a)  to the extent that the matching shares or rights are shares, they are ordinary shares; or

                     (b)  to the extent that the matching shares or rights are rights, they are rights to acquire ordinary shares.

             (5)  The fourth condition is that, at the time the taxpayer acquires the matching shares or rights, the taxpayer does not hold a legal or beneficial interest in more than 5% of the shares of the new company.

             (6)  The fifth condition is that, at that time, the taxpayer is not in a position to cast, or control the casting of, more than 5% of the maximum number of votes that may be cast at a general meeting of the new company.