Income Tax Assessment Act 1936
View history note
Hide history noteDiv 13A repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections 83A-5(1) and (2) of the Income Tax (Transitional Provisions) Act 1997 .
Div 13A inserted by No 169 of 1995.
Former Div 13A repealed by No 224 of 1992 and inserted by No 126 of 1977.
(Repealed by No 133 of 2009)
S 139E repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections
83A-5(1)
and
(2)
of the
Income Tax (Transitional Provisions) Act 1997
. S 139E formerly read:
S 139E(1) amended by No 59 of 2008, s 3 and Sch 1 item 10, by inserting
"
(the
acquisition year
)
"
after
"
that year
"
, applicable in relation to the 2008-09 year of income and later years. S 139E(2), (2A) and (2B) substituted for s 139E(2) by No 59 of 2008, s 3 and Sch 1 item 11, applicable in relation to the 2008-09 year of income and later years. S 139E(2) formerly read:
S 139E(2) amended by
No 143 of 2007
, s 3 and Sch 7 item 12, by substituting
"
in the approved form
"
for
"
in a form approved by the Commissioner
"
, effective 24 September 2007. S 139E(2) amended by No 64 of 2005. For application provision, see note under definition of
"
eligible foreign remuneration
"
in s
23AF(18)
. S 139E(2), (2A) and (2B) substituted for s 139E(2) by No 59 of 2008, s 3 and Sch 1 item 11, applicable in relation to the 2008-09 year of income and later years. S 139E(2), (2A) and (2B) substituted for s 139E(2) by No 59 of 2008, s 3 and Sch 1 item 11, applicable in relation to the 2008-09 year of income and later years. the taxpayer may make an election under this section that subsection
139B(2A)
applies for each of the years of income before the employment year and after the year referred to in paragraph (b). The election covers each qualifying share or qualifying right acquired in any of those years by the taxpayer. Subsection
139GA(2)
limits the meaning of
employee
in this subsection, so that engagement in foreign service is not of itself sufficient.
SECTION 139E TAXPAYER MAY MAKE ELECTION
139E(1)
A taxpayer may make an election under this section that subsection
139B(2)
applies for a year of income. The election covers each qualifying share or qualifying right acquired in that year (the
acquisition year
) by the taxpayer.
139E(2)
An election under subsection
(1)
in relation to each such share or right must be made in the taxpayer's return of income for the acquisition year.
139E(2)
An election under subsection (1) must be in writing in the approved form and be made before the taxpayer lodges his or her return of income for the year of income, or within such further time as the Commissioner allows.
139E(2A)
The Commissioner may, after receiving a request made by the taxpayer in the approved form, allow the election to be made at a later time.
139E(2B)
This Act applies to a taxpayer as if the taxpayer had made an election under subsection (1) for a year of income if:
(a)
the total discount for the taxpayer for the year of income is $1,000 or less; and
(b)
the exemption conditions (see section
139CE
) are satisfied in relation to the relevant shares or rights.
139E(3)
If:
(a)
a taxpayer becomes an employee during a year of income (the
employment year
); and
(b)
before the employment year, the taxpayer had acquired a qualifying share or qualifying right, being an acquisition that occurred:
(i)
while the taxpayer was not an employee; and
(ii)
after the year of income (if any) in which the taxpayer last became an employee;
Note:
S 139E(3) inserted by No 64 of 2005. For application provision, see note under definition of " eligible foreign remuneration " in s 23AF(18) .
139E(4)
An election under subsection (3) must be made in the taxpayer's return of income for the employment year.
S 139E(4) and (5) substituted for s 139E(4) by No 59 of 2008, s 3 and Sch 1 item 12, applicable in relation to the 2008-09 year of income and later years. S 139E(4) formerly read:
139E(4)
An election under subsection (3) must be in writing in the approved form and be made before the taxpayer lodges his or her return of income for the employment year, or within such further time as the Commissioner allows.
S 139E(4) amended by No 143 of 2007 , s 3 and Sch 7 item 12, by substituting " in the approved form " for " in a form approved by the Commissioner " , effective 24 September 2007.
S 139E(4) inserted by No 64 of 2005. For application provision, see note under definition of " eligible foreign remuneration " in s 23AF(18) .
139E(5)
The Commissioner may, after receiving a request made by the taxpayer in the approved form, allow the election to be made at a later time.
S 139E(4) and (5) substituted for s 139E(4) by No 59 of 2008, s 3 and Sch 1 item 12, applicable in relation to the 2008-09 year of income and later years.
S 139E inserted by No 169 of 1995.