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You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4.

Edited version of private advice

Authorisation Number: 1051998981839

Date of advice: 28 June 2022

Ruling

Subject: Temporary resident - employee share scheme

Question

Will any capital gains or losses made from the disposal of your shares in the Company be disregarded?

Answer

Yes.

This ruling applies for the following periods:

Year ending 30 June 20XX

Year ending 30 June 20XX

Year ending 30 June 20XX

Year ending 30 June 20XX

The scheme commences on:

1 July 20XX

Relevant facts and circumstances

You are a citizen of a foreign country.

You were granted a temporary visa which allowed you to work in Australia.

You arrived in Australia several years ago.

You are not an Australian resident within the meaning of the Social Security Act 1991.

You do not have a spouse.

You have been employed by a Company.

You participated in the Company's Employee Option Plan and were granted share options in the Company.

The Company advised you in the offer letter that the share options granted to you would qualify for the 'Start-Up' Employee Share Scheme concessions in section 83A-33 of the Income Tax Assessment Act 1997 (ITAA 1997).

The interest you acquired in the Company under the share option plan is not a direct or indirect interest in Australian real property for the purposes of Division 855 of the ITAA 1997.

You sold some shares acquired under the option plan.

Relevant legislative provisions

Income Tax Assessment Act 1997 Section 83A-33

Income Tax Assessment Act 1997 Section 768-915

Income Tax Assessment Act 1997 Division 855

Income Tax Assessment Act 1997 Section 995-1