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INCOME TAX ASSESSMENT ACT 1997 - SECT 208.215 Eligible employee share schemes

INCOME TAX ASSESSMENT ACT 1997 - SECT 208.215

Eligible employee share schemes

  (1)   An individual acquires a beneficial interest in a * share in a company under an * employee share scheme in circumstances that are relevant for the purposes of paragraphs 208 - 205(b) and 208 - 235(b) if:

  (a)   all the * ESS interests available for acquisition under the scheme relate to:

  (i)   ordinary shares; or

  (ii)   preference shares to which are attached substantially the same rights as are attached to ordinary shares; and

  (b)   immediately after the individual acquires the interest:

  (i)   he or she does not hold a beneficial interest in more than 10% of the shares in the company; and

  (ii)   he or she is not in a position to control, or to control the casting of, more than 10% of the maximum number of votes that might be cast at a general meeting of the company; and

  (c)   the share is not a * non - equity share.

  (2)   An individual also acquires a beneficial interest in a * share in a company under an * employee share scheme in circumstances that are relevant for the purposes of paragraphs 208 - 205(b) and 208 - 235(b) if:

  (a)   the share is part of a stapled security; and

  (b)   Subdivision   83A - B or 83A - C (about employee share schemes) applies to the beneficial interest in the stapled security.

  (3)   For the purposes of paragraph   (1)(b), you are taken to:

  (a)   hold a beneficial interest in any * shares in the company that you can acquire under an * ESS interest that is a beneficial interest in a right to acquire a beneficial interest in such shares; and

  (b)   be in a position to cast votes as a result of holding that interest in those shares.

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