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.