Tax and Superannuation Laws Amendment (Employee Share Schemes) Act 2015 (Cth)

Tax and Superannuation Laws Amendment (Employee Share Schemes) Act 2015

No. 105, 2015

An Act to amend the law relating to taxation, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedules Schedule 1—Improvements to taxation of employee share schemes Part 1—Main amendments Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997 Taxation Administration Act 1953 Part 2—Amendments about market value Income Tax Assessment Act 1997 Part 3—Technical amendments Income Tax Assessment Act 1997

Tax and Superannuation Laws Amendment (Employee Share Schemes) Act 2015 No. 105, 2015

An Act to amend the law relating to taxation, and for related purposes

[Assented to 30 June 2015]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Tax and Superannuation Laws Amendment (Employee Share Schemes) Act 2015.

2 Commencement This Act commences on the day after this Act receives the Royal Assent.

3 Schedules Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Improvements to taxation of employee share schemes

Part 1—Main amendments

Income Tax Assessment Act 1936

1 Paragraph 109NB(a) Repeal the paragraph, substitute: (a) Subdivision 83A‑B, and the provisions referred to in paragraphs 83A‑33(1)(a) to (c), of that Act apply; or (aa) Subdivision 83A‑B, and the provisions referred to in paragraphs 83A‑35(1)(a) and (b), of that Act apply; or

Income Tax Assessment Act 1997

2 At the end of section 83A‑5 Add: ; and (c) to increase the number of new entrepreneurial companies in Australia by assisting them to attract and retain employees by providing those employees with a tax concession for acquiring shares under such schemes.