S 139 repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections
Income Tax (Transitional Provisions) Act 1997
. S 139 formerly read:
SECTION 139 THE KEY PRINCIPLE
This Division provides for the taxation treatment of shares and rights acquired under employee share schemes.
Any discount from the market price of the shares or rights is assessable. However, 2 alternative concessions are available for shares or rights provided under schemes that satisfy certain requirements.
The first concession is that the discount will not be included in the employee's assessable income until a later year of income.
The second concession is that the employee may make an election that reduces the amount assessed. Additional requirements must be satisfied to obtain this concession.