Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A taxpayer may make an election under this section that subsection 139B(2) applies for a year of income. The election covers each qualifying share or qualifying right acquired in that year (the acquisition year ) by the taxpayer.
(2) An election under subsection (1) in relation to each such share or right must be made in the taxpayer's return of income for the acquisition year.
(2A) The Commissioner may, after receiving a request made by the taxpayer in the approved form, allow the election to be made at a later time.
(2B) This Act applies to a taxpayer as if the taxpayer had made an election under subsection (1) for a year of income if:
(a) the total discount for the taxpayer for the year of income is $1,000 or less; and
(b) the exemption conditions (see section 139CE) are satisfied in relation to the relevant shares or rights.
(3) If:
(a) a taxpayer becomes an employee during a year of income (the employment year ); and
(b) before the employment year, the taxpayer had acquired a qualifying share or qualifying right, being an acquisition that occurred:
(i) while the taxpayer was not an employee; and
(ii) after the year of income (if any) in which the taxpayer last became an employee;
the taxpayer may make an election under this section that subsection 139B(2A) applies for each of the years of income before the employment year and after the year referred to in paragraph (b). The election covers each qualifying share or qualifying right acquired in any of those years by the taxpayer.
Note: Subsection 139GA(2) limits the meaning of employee in this subsection, so that engagement in foreign service is not of itself sufficient.
(4) An election under subsection (3) must be made in the taxpayer's return of income for the employment year.
(5) The Commissioner may, after receiving a request made by the taxpayer in the approved form, allow the election to be made at a later time.