INCOME TAX ASSESSMENT ACT 1997 - SECT 83A.310 Forfeiture etc. of ESS interest

INCOME TAX ASSESSMENT ACT 1997 - SECT 83A.310

  (1)   This Division (apart from this Subdivision) is taken never to have applied in relation to an * ESS interest acquired by an individual under an * employee share scheme if:

  (a)   disregarding this section, an amount is included in the individual's assessable income under this Division in relation to the interest; and

  (b)   either:

  (i)   the individual forfeits the interest; or

  (ii)   in the case of an ESS interest that is a beneficial interest in a right--the individual forfeits or loses the interest (without having disposed of the interest or exercised the right); and

  (c)   the forfeiture or loss is not the result of:

  (i)   a choice made by the individual (other than a choice to which subsection   (2) applies); or

  (ii)   a condition of the scheme that has the direct effect of protecting (wholly or partly) the individual against a fall in the * market value of the interest.

  (2)   This subsection applies to the following choices by the individual:

  (a)   a choice to cease particular employment;

  (b)   in the case of an * ESS interest that is a beneficial interest in a right:

  (i)   a choice not to exercise the right before it lapsed; or

  (ii)   a choice to allow the right to be cancelled.