Div 9A inserted by No 169 of 1995. No 169 of 1995, Pt 4 Sch 2, contains the following application and transitional provisions:
11. Application of amendments
(1)
Subject to this section, the amendments made by this Schedule apply to the acquisition of a share, or right to acquire a share, if it occurs after 6 p.m. by legal time in the Australian Capital Territory on 28 March 1995.
(2)
The amendments made by this Schedule do not apply to the acquisition of a share where the share was acquired as a result of the exercise of a right that:
(a)
was acquired at or before 6 p.m. by legal time in the Australian Capital Territory on 28 March 1995; or
(b)
is covered by subitem (3), (4) or (5).
(3)
Subject to item 12, the amendments made by this Schedule do not apply to the acquisition of a share or right before 1 July 1995 where:
(a)
the share or right was acquired as a result of an offer, or an invitation, made at or before 6 p.m. by legal time in the Australian Capital Territory on 28 March 1995; and
(b)
the offer or invitation was made to employees of a company to acquire shares, or rights to acquire shares, in the company or in a holding company of the company.
(4)
Subject to item 12, the amendments made by this Schedule do not apply to the acquisition of a share or right before 1 July 1996 where:
(a)
the offer or invitation is to acquire shares, or rights to acquire shares, in a public company; and
(b)
the share or right is acquired as a result of an offer, or an invitation, to employees of the public company or a subsidiary of the public company; and
(c)
if the approval of shareholders is required for the scheme under which the offer or invitation was made
-
the scheme was approved by shareholders of the public company before 6 p.m. by legal time in the Australian Capital Territory on 28 March 1995.
(5)
A taxpayer may make an election that the amendments made by this Schedule do not apply to the acquisition of particular shares or rights where:
(a)
the total market value, when acquired, of the shares or rights covered by the election, does not exceed $1000; and
(b)
the shares or rights were acquired before 1 July 1995 as a result of an offer, or an invitation, made at or before 6 p.m. by legal time in the Australian Capital Territory on 28 March 1995.
(6)
For the purposes of subitem (5), the market value of a right is taken to be the same as the market value of the share to which it relates.
(7)
In this item:
public company
means:
(a)
a public company within the meaning of the
Corporations Law
; or
(b)
a company established by Commonwealth, State or Territory legislation; or
(c)
a company listed on an approved stock exchange.
Note:
Approved stock exchange
is defined in section 139GD of the
Income Tax Assessment Act 1936
.
subsidiary
has the same meaning as in the
Corporations Law
.
Taxpayer may elect that amendments apply
12.
The amendments made by this Schedule apply to the acquisition of a share or right by a taxpayer if:
(a)
apart from subitem 11(3) or 11(4), the amendments would apply to the acquisition; and
(b)
the taxpayer elects that the amendments apply to the acquisition.
Application of amendments
-
election that amendments apply
13.
A taxpayer may make an election that the amendments made by this Schedule apply to the acquisition of a share, or a right to acquire a share, if the acquisition occurs after 7.30 p.m. by legal time in the Australian Capital Territory on 10 May 1994 and at or before 6 p.m. by legal time in the Australian Capital Territory on 28 March 1995.
Elections
14.
An election under this Part must be in writing in a form approved by the Commissioner and be made before the later of:
(a)
the end of 90 days after the commencement of this item; and
(b)
the time when the taxpayer lodges his or her return for the 1994-95 year of income;
or within such further time as the Commissioner allows.
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