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  • Why you must complete this form


    Under income tax law, if you acquire shares, or rights to acquire shares under an employee share scheme, you must include the discount you receive on those shares or rights as part of your assessable income.

    If the shares or rights meet certain qualifying conditions (see section 139CD of the Income Tax Assessment Act 1936), you can be assessed on the discount you received on those shares or rights using either of the following methods:

    • by electing to be assessed upfront in the income year you acquire the shares or rights
    • by being assessed at a later time, such as when you sell the shares, exercise the rights or cease employment.

    If you wish to be assessed upfront on shares or rights you acquired during the 2008-09 income year, you must have both:

    • made the election in your tax return
    • included the discount as part of your assessable income.

    If you did not do both of these, the discount will be assessed at a later time.

    For earlier income years, you must have made your election in the approved form - refer to Taxation Determination TD 97/23. You must also have:

    • made your election before you lodged your tax return for the relevant income year
    • kept a record of your election with your tax records.

    In limited circumstances, we may allow you to make an election for the 2008-09 or earlier years after you have lodged your tax return. By completing this form, you are asking us to allow you to make a later election.

    Last modified: 14 Sep 2016QC 22212