Tax Laws Amendment (Budget Measures) Act 2008 (59 of 2008)

Schedule 1   Fringe benefits tax and employee share schemes

Part 2   Employee share schemes

Income Tax Assessment Act 1936

11   Subsection 139E(2)

Repeal the subsection, substitute:

(2) An election under subsection (1) in relation to each such share or right must be made in the taxpayer’s return of income for the acquisition year.

(2A) The Commissioner may, after receiving a request made by the taxpayer in the approved form, allow the election to be made at a later time.

(2B) This Act applies to a taxpayer as if the taxpayer had made an election under subsection (1) for a year of income if:

(a) the total discount for the taxpayer for the year of income is $1,000 or less; and

(b) the exemption conditions (see section 139CE) are satisfied in relation to the relevant shares or rights.