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09 May 06 Employee share schemes - extending current concessions to stapled securities

The Government will extend the employee share scheme and related capital gains tax provisions to stapled securities that include an ordinary share and are listed on the Australian Stock Exchange, with effect from 1 July 2006.

Currently, employees participating in an employee share scheme can choose the tax deferred or the tax upfront concession on any discount they receive from acquiring shares or rights below their market value, subject to certain conditions. One condition is that shares must be ordinary shares, and that rights must be rights to acquire ordinary shares. Currently, these concessions do not fully apply to stapled securities that are created when an ordinary share and another security, such as a unit in a unit trust, are contractually bound together so that they cannot be sold separately.

For a copy of the Treasurer's press release No 39, 9 May 2006, go here

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