INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 9A - Employees' shares - Division 13A of Part III  

SECTION 160ZYJD   EMPLOYEE SHARE TRUSTS  

160ZYJD(1)   [Acquisition of share or right under trust]  

For the purposes of this Part, if:


(a) an amount is, or apart from section 139BA would be, included in a taxpayer's assessable income under Division 13A of Part III as a result of the acquisition by the taxpayer of a share or right in a company; and


(b) the share or right was acquired by the taxpayer under the terms of a trust deed under which the trustee is required or authorised to sell, or otherwise to transfer, the share, or right, to:


(i) an employee of the company or of another company;

(ii) an associate of such an employee; and


(c) either no amount was paid by the taxpayer as consideration for the share or, if an amount was paid, that amount is equal to or less than the indexed cost base to the trustee of the share or right;

this Part does not apply in respect of the disposal by the trustee of the share or right to the taxpayer.

Note:

Employee is defined in section 139GA .

160ZYJD(2)   [Cost base to the trustee]  

If the trust disposed of the share or right within 12 months after the share or right was acquired by the trust, the reference in paragraph (1)(c) to the indexed cost base to the trustee is to be read as a reference to the cost base to the trustee.


 

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