Taxation Determination

TD 93/42W

Income tax: employee share acquisition scheme: does section 26AAC of the Income Tax Assessment Act 1936 apply to a situation where shares have been acquired under a scheme by a person who is engaged to provide services on a contract basis?

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Notice of Withdrawal

Taxation Determination TD 93/42 is withdrawn with effect from today.

1. TD 93/42 explains when former section 26AAC of the Income Tax Assessment Act 1936 applied to shares issued under a scheme to a taxpayer who is a contractor or a consultant.

2. Section 26AAC has now been repealed and the employee share scheme rules have been rewritten in Division 83A of the Income Tax Assessment Act 1997.

3. TD 93/42 therefore has no ongoing relevance and is withdrawn.

Commissioner of Taxation
20 December 2016

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

Previously issued as Draft TD 92/D168

References

ATO references:
NO 1-9N72KXS

Related Rulings/Determinations:

IT 2516

Subject References:
contractors;
employee share acquisition scheme;
employment;
non-discriminatory scheme;
reduction in discount;
services rendered

Legislative References:
ITAA 26AAC;
26AAC(4A);
26AAC(4B);
26AAC(4F);
26AAC(18C)