Tax Laws Amendment (2007 Measures No. 1) Act 2007 (56 of 2007)

Schedule 3   Employee share schemes and stapled securities

Part 2   Consequential amendments

Fringe Benefits Tax Assessment Act 1986

13   Subsection 136(1) (after paragraph (hb) of the definition of fringe benefit )

Insert:

(hc) a benefit constituted by the acquisition by a trust of money or other property where the sole activities of the trust are obtaining stapled securities or rights to acquire stapled securities that are treated as qualifying shares or qualifying rights for the purposes of Division 13A of Part III of the Income Tax Assessment Act 1936 because of Subdivision DB of that Division, and providing those stapled securities or rights:

(i) to employees of a stapled entity (within the meaning of that Division) for the stapled securities, or to associates of those employees; or

(ii) to persons who are engaged in foreign service (within the meaning of section 139GBA of the Income Tax Assessment Act 1936) for a stapled entity for the stapled securities, or associates of those persons; or

(iii) for a case where, if all the stapled entities for any of the stapled securities were part of one company, that company would be a holding company (within the meaning of the Corporations Act 2001) of another company - to employees, or associates of employees of that other company; or

(iv) for a case where, if all the stapled entities for any of the stapled securities were part of one company, that company would be a holding company (within the meaning of the Corporations Act 2001) of another company - to persons who are engaged in foreign service (within the meaning of section 139GBA of the Income Tax Assessment Act 1936) for that other company, or associates of those persons; or