Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 130.75

    The objects of this Subdivision are:

  (a)   to recognise that:

  (i)   Division   83A contains the primary rules for taxing gains on * ESS interests acquired under * employee share schemes; and

  (ii)   * capital gains and * capital losses on such interests should usually be disregarded during the period in which Division   83A applies to them; and

  (b)   to align the treatment of ESS interests under Division   83A and the CGT provisions by, for example:

  (i)   turning off certain special CGT rules; and

  (ii)   extending some of the deeming provisions of that Division into the CGT provisions; and

  (c)   to disregard * employee share trusts for most CGT purposes, by treating ESS interests owned by such trusts as being directly owned by the beneficiaries of the trusts.