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 1997

14   Subsection 130-90(3)

Repeal the subsection, substitute:

(3) One of the following paragraphs must apply:

(a) the individual, *associate or affiliate company must have acquired the *share or right:

(i) under an *employee share scheme; or

(ii) alternatively in the case of a share - as a result of exercising a right acquired under an employee share scheme;

(b) the share or right must, because of section 139DQ of the Income Tax Assessment Act 1936, be a share or right that is treated, for the purposes of Division 13A of Part III of that Act, as if it were a continuation of a share or right acquired under an employee share scheme;

(c) if the share was acquired as a result of exercising a right, the right must, because of section 139DQ of the Income Tax Assessment Act 1936, be a right that is treated, for the purposes of Division 13A of Part III of that Act, as if it were a continuation of a right acquired under an employee share scheme.