Supplementary Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello MP)
General outline and financial impact
Amendment 1 to Schedule 5 - relief for employee share scheme participants in the event of a corporate restructure
This amendment changes the date of effect of the measure from Royal Assent to 1 July 2004. This ensures that an employee who is issued new shares or rights as a result of a corporate restructure can treat the new shares or rights as a continuation of their old shares or rights, from 1 July 2004.
Date of effect: This amendment will apply to corporate restructures which occur on or after 1 July 2004.
Proposal announced: This amendment has not previously been announced.
Financial impact: The cost to the revenue is unquantifiable but expected to be small. The new commencement date of 1 July 2004 will bring forward any revenue impact.
Compliance cost impact: This amendment is expected to have a minimal impact on compliance costs.