• Section B: Details of your request

    Question 5

    Provide the requested information about all the qualifying shares or rights you acquired during the income year. If you acquired more than one parcel of qualifying shares or rights during the income year, you will need to provide the information separately for each parcel.

    If you acquired more than two parcels of qualifying shares or rights in the year, or if you need more space to answer question 5, provide the additional information on a separate piece of paper.

    At question 5(c), you must include the date you acquired the qualifying shares or rights.

    Remember, the date shares or rights are granted or issued to you may not be when you acquire the shares or rights. Under income tax law, you have acquired a share or right when any of the following occur:

    • when the share or right is transferred to you, other than by a share issue
    • in the case of a share, when the share is issued or allotted to you
    • in the case of a right, when your employer creates a right to acquire a share in you
    • when you otherwise acquire a legal interest in the share or right
    • when you acquire a beneficial interest in the share or right.

    Working out when the right to acquire shares has been created in you

    Working out when the right to acquire a share has been created in you by your employer depends on the facts of each case. Generally, your right to acquire shares has been created in you when either of the following occurs:

    • you enter into a separate contract with your employer
    • you accept an offer you received under an employee share scheme.

    If your rights to acquire shares are subject to shareholder approval, you will not acquire the rights under income tax law until shareholder approval is given.

    If your employer retains the right to decide whether you ultimately receive shares or a cash equivalent, you will not acquire the rights under income tax law until your employer decides that your rights will be satisfied by shares and not cash.

    Working out the market value of your shares or rights

    To work out the market value of the shares or rights on the date you acquired them (question 5(e)), you will need to consider the market valuation rules in Division 13A of the Income Tax Assessment Act 1936. These rules provide various methods of working out the market value of shares or rights depending on whether they are listed on an approved stock exchange.

    When you work out how much was paid or given to acquire the shares or rights (question 5(f)), do not include any amount you salary sacrificed to acquire them.

    Question 6

    Explain why you are requesting a later election - that is, why you did not make an election either in your tax return or before lodging your tax return for the relevant year. If there has been a time delay between lodging your tax return and your request to make a later election, you must also provide reasons for the delay.

    Question 7

    Specify the income year for which you want to make an election. If your request is for the 2008-09 income year, enter X in the first box and go to question 8.

    If your request is to allow a later election for the 2007-08 income year or an earlier income year, enter X at the second box and write the year the request applies to, then go to question 9.

    If you wish to make a request for more than one income year, you must use a separate form for each year.

    Attention

    This form does not apply to the 2009-10 income year or later income years.

    End of attention

    Question 8

    You must complete this question if you want to make an election for the 2008-09 income year. Your election must cover all qualifying shares or rights you acquired during the income year.

    Enter X in the box next to 'Yes' and tell us the total of your assessable discount in the space provided.

    By putting an X in the 'Yes' box and telling us your assessable discount, you are also requesting us to amend your 2008-09 income tax return to include your assessable discount if your request is allowed.

    If you need to request any other amendments that relate to making your election, provide details in the space provided.

    Attention

    To work out the discount, use the market value of the shares or rights at the time you acquired them, and reduce it by the amount you paid or gave to acquire the shares or rights, not including any amount you salary sacrificed.

    End of attention

    Question 9

    You must complete this question if you want to make an election for the 2007-08 income year or an earlier income year. To indicate you wish to make an election in the approved form for the relevant income year, enter X in the box next to 'Yes'. You must also include the amount of your assessable discount in the space provided.

    If your later election request is allowed, you must make your election for the 2007-08 income year and earlier years in the approved form - refer to Taxation Determination TD 97/23. Do not send your completed election to us.

    If you need to amend your tax return, enter X in the box next to 'Yes' and provide details of the amendments you need to make in the space provided.

    If you do not need to amend your return, enter X in the box next to 'No' and provide details of why you do not need to make an amendment in the space provided.

    Attention

    Completing question 8 or 9 does not guarantee we will allow you to make a later election. We will still need to consider the circumstances that led to you not making your election either in your tax return or before lodging your tax return.

    End of attention

    If we do allow you to make a later election, we will use the information you have provided to amend your tax return - you will not have to lodge a separate amendment request.

    Last modified: 14 Sep 2016QC 22212