New International Tax Arrangements (Foreign-owned Branches and Other Measures) Act 2005 (64 of 2005)

Schedule 4   Cross border employee shares or rights

Part 1   Amendments

Income Tax Assessment Act 1997

34   At the end of section 130-85 (after the note)


(4) This section does not apply to a *share or right if:

(a) you become an Australian resident; and

(b) you owned, or held a beneficial interest in, the share or right just before you became an Australian resident; and

(c) the share or right does not have the *necessary connection with Australia.

Note: Section 136-40 deals with shares or rights that do not have the necessary connection with Australia.