Income Tax Assessment Act 1936

Div 13A repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections 83A-5(1) and (2) of the Income Tax (Transitional Provisions) Act 1997 .

Div 13A inserted by No 169 of 1995.

Former Div 13A repealed by No 224 of 1992 and inserted by No 126 of 1977.

Subdiv G repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections 83A-5(1) and (2) of the Income Tax (Transitional Provisions) Act 1997 .

S 139GF repealed by No 133 of 2009, s 3 and Sch 1 item 18, applicable in relation to the ESS interests mentioned in subsections 83A-5(1) and (2) of the Income Tax (Transitional Provisions) Act 1997 . S 139GF formerly read:

SECTION 139GF MEANING OF CONDUCTING A SCHEME ON A NON-DISCRIMINATORY BASIS  
139GF(1)
This section sets out the conditions that must be satisfied for the employee share scheme mentioned in subsection 139CE(4) or a scheme for the provision of financial assistance in respect of acquisitions of shares or rights under the employee share scheme to be operated on a non-discriminatory basis.

139GF(2) Non-discriminatory employee share scheme.  

The employee share scheme is operated on a non-discriminatory basis if, and only if, the following conditions are satisfied in relation to all offers to acquire shares or rights under the scheme:

(a) participation in the scheme is open to at least 75% of permanent employees of the employer;

(b) the time for acceptance of each offer is reasonable;

(c) the essential features of each offer are the same for at least 75% of permanent employees of the employer.

139GF(3) Essential features of offer.  

The essential features of an offer for an employee share scheme are:

(a) the consideration for the acquisition of the share or right concerned (whether that consideration is determined by reference to the value of the share or right or otherwise); and

(b) the number of shares or rights, the minimum number of shares or rights or the maximum number of shares or rights, offered to each employee, as the case may be; and

(c) the time for acceptance of the offer; and

(d) the steps taken for the circulation of information about the offer.

139GF(4) Non-discriminatory financial assistance schemes.  

The scheme for the provision of financial assistance in respect of acquisitions of shares or rights under the employee share scheme is operated on a non-discriminatory basis if, and only if, the following conditions are satisfied in relation to all financial assistance provided under the scheme:

(a) the time for taking up each offer of assistance is reasonable;

(b) the essential features of each offer of assistance are the same for at least 75% of permanent employees of the employer.

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History

S 139GF(4)(b) amended by No 147 and No 122 of 1997.

139GF(5) Essential features of offer of financial assistance.  

The essential features of an offer of financial assistance are:

(a) the terms and conditions of the offer; and

(b) the amount, the minimum amount, or the maximum amount, of assistance offered to each employee, as the case may be.

139GF(6)
The Commissioner may determine that the condition mentioned in paragraph (2)(a), (2)(c) or (4)(b) is taken to have been satisfied in relation to a scheme if the Commissioner considers that the employer has done everything reasonably practicable to ensure that the condition was satisfied.

S 139GF inserted by No 169 of 1995.