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27 Jul 09 Details of further industry consultations on employee share schemes tax reforms

In a media release issued on 24 July 2009 the Assistant Treasurer, Senator Nick Sherry, announced the release of the timeframes for the final round of industry consultations on reforms to the taxation of employee share schemes, including releasing the Terms of Reference for the Board of Taxation review component.

As set out in the final Policy Statement of 1 July 2009, the Assistant Treasurer said that the Government will undertake a three-stage consultation process. The three stages are:

  • a two-week consultation period on a draft Exposure Bill beginning in August;
  • a Board of Taxation consultation on technical issues to report to the Assistant Treasurer within approximately one month of the release of the draft Exposure Bill; and
  •  a comprehensive Board of Taxation review on two further substantive issues to report to the Assistant Treasurer by 28 February, 2010.

Following the first two stages of this consultation process, it is envisaged legislation based on the policy statement will be introduced into Parliament in the Spring sittings.

The Assistant Treasurer also released the Terms of Reference for the Board of Taxation's review (set out in an attachment to the media release), being the third stage of the consultation process. The issues before the Board are:

  • how to best determine the market value of employee share scheme benefits; and
  •  whether shares and rights under an employee share scheme at a start-up, R&D or speculative focused company should have separate tax deferral arrangements.

For a copy of the Assistant Treasurer’s media release, No 2009/017, 24 July 2009, go here


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