15 Feb 10 New regs - Employee share scheme amendment period
Income Tax Amendment Regulations 2010 (No 1) was made on 10 February 2010 and registered on the Federal Register of Legislative Instruments on 11 February 2010 as Select Legislative Instrument 2010 No 7.
These Regulations amend the Income Tax Regulations 1936 (the Regulations) to preserve the effect of table item 4 in regulation 20 to the Regulations. Table item 4 provides that the Commissioner of Taxation (the Commissioner) may amend an individual taxpayer’s income tax assessment for up to four years, rather than two, if an employee share scheme integrity rule about share trading and investment companies is not met (s 83A-35(5) of ITAA 1997). This ensures that the period over which the Commissioner can amend the taxpayer’s income tax assessment is aligned with the period over which he can amend the taxpayer’s employer’s income tax assessment.
These Regulations are taken to have commenced on 1 July 2009 and, when read with the ITAA 1997, apply to employee share scheme interests in relation to which an amount must be included in a taxpayer’s assessable income on or after 1 July 2009.
For a copy of Income Tax Amendment Regulations 2010 (No 1), go here
For a copy of the Explanatory Statement, click on ES/Supp Material