Rights acquired before 1 July 2009

For a right acquired before 1 July 2009, the previous ESS rules continue to apply to rights that are forfeited or lost. A refund is only available where:

  • you lose the right without having exercised it and
  • the company that granted the right was your employer or a holding company of your employer when the right was acquired.

The previous ESS rules did not apply to the forfeiture of shares.

You may request an amendment of your assessment to exclude the discount previously included in your assessable income. There is no time limit for amending an assessment to exclude an amount from assessable income for a right acquired before 1 July 2009 which is lost.

Under the previous ESS rules, a refund was available if the rights were lost because an employee chose not to exercise the rights or because the conditions of the scheme protected the employee from a fall in the market value of the rights.

You may not forfeit or lose your rights if you receive valuable consideration for no longer holding the rights.

For information on the previous ESS rules for lapsed and forfeited rights, see:

    Last modified: 01 Jul 2015QC 27244