Commonwealth Consolidated Acts Commonwealth Consolidated Acts
1 Section 9
Insert:
"aggregated turnover" has the same meaning as in the Income Tax Assessment Act 1997.
"approved stock exchange" has the same meaning as in the Income Tax Assessment Act 1997.
"equity interest" has the same meaning as in the Income Tax Assessment Act 1997 .
"ESS interest" has the same meaning as in the Income Tax Assessment Act 1997 .
"foreign law" has the same meaning as in the Income Tax Assessment Act 1997 .
"income year" has the same meaning as in the Income Tax Assessment Act 1997 .
2 After subparagraph 1274(2)(a)(iv)
Insert:
(iva) a disclosure document lodged under section 718, or a supplementary or replacement document lodged under section 719, in relation to an offer of an ESS interest, in a company (within the meaning of the Income Tax Assessment Act 1997 ), if the conditions set out in subsection ( 2AA) are satisfied; or
3 After subsection 1274(2)
Insert:
(2AA) For the purposes of subparagraph ( 2)(a)(iva), the conditions are the following:
(a) the offer is under an employee share scheme (within the meaning of the Income Tax Assessment Act 1997 );
(b) the disclosure document or replacement document being lodged, or the disclosure document as supplemented by the supplementary document being lodged, states that the ESS interest, in the company (within the meaning of that Act) (the issuing company ), will:
(i) be made available only to employees of the issuing company or a subsidiary (within the meaning of that Act) of the issuing company; and
(ii) relate only to ordinary shares;
(c) no equity interests in any of the following companies are listed for quotation in the official list of any approved stock exchange at the end of the issuing company's most recent income year (the pre - lodgement year ) before the income year in which the disclosure document or replacement document, or the disclosure document being supplemented by the supplementary document, is lodged:
(i) the issuing company;
(ii) any subsidiary (within the meaning of that Act) of the issuing company at the end of the pre - lodgement year;
(iii) any holding company of the issuing company at the end of the pre - lodgement year;
(iv) any subsidiary (within the meaning of that Act) of a holding company of the issuing company at the end of the pre - lodgement year;
(d) the issuing company and each of the other companies mentioned in paragraph ( c) were incorporated by or under an Australian law or foreign law less than 10 years before the end of the pre - lodgement year;
(e) the issuing company had an aggregated turnover not exceeding $50 million for the pre - lodgement year.
(2AB) Subsection 83A - 33(7) of the Income Tax Assessment Act 1997 also applies for the purposes of subsection ( 2AA) of this section.
4 In the appropriate position in Chapter 10
Insert:
1637 Application of subparagraph 1274(2)(a)(iva) and subsections 1274(2AA) and (2AB)
Subparagraph 1274(2)(a)(iva) and subsections 1274(2AA) and (2AB), as inserted by Schedule 2 to the Treasury Laws Amendment (2016 Measures No. 1) Act 2017 , apply to the following:
(a) a disclosure document lodged under section 718 after that Schedule commences;
(b) a replacement document lodged under section 719 after that commencement;
(c) a supplementary document lodged under section 719 after that commencement if the disclosure document it supplements was also lodged after that commencement.