Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 83A.205

  (1)   You can deduct an amount for an income year if:

  (a)   during the year you provided one or more * ESS interests to an individual under an * employee share scheme; and

  (b)   you did so as:

  (i)   the employer of the individual; or

  (ii)   a holding company (within the meaning of the Corporations Act 2001 ) of the employer of the individual; and

  (c)   section   83A - 35 applies to reduce the amount included in the individual's assessable income under subsection   83A - 25(1) in relation to some or all of the interests.

  (2)   Disregard paragraph   83A - 35(2)(b) (income test) for the purposes of paragraph   (1)(c) of this section.

  (3)   The amount of the deduction is the amount of the reduction mentioned in paragraph   (1)(c).

Deduction to be apportioned if interest provided by multiple entities

  (4)   The amount of the deduction worked out under subsection   (3) must be apportioned between 2 or more entities on a reasonable basis if the entities jointly provide an * ESS interest for which an amount can be deducted under subsection   (1).