In a media release issued on 14 August 2009, the Assistant Treasurer, Senator Nick Sherry, announced the release of the Government's draft legislation to reform the taxation of employee share schemes for a two-track public consultation process.
"The draft package will be open for written submissions for the next two weeks and, in addition, I have asked the Board of Taxation to conduct an interactive dialogue with industry on technical issues over the coming month," the Assistant Treasurer said.
The draft package includes:
- an exposure draft version of Schedule 1 to Tax Laws Amendment (2009 Budget Measures No 2) Bill 2009;
- an exposure draft version of Income Tax (TFN Withholding Tax (ESS)) Bill 2009;
- explanatory materials in support of those exposure draft Bills; and
- associated regulations (with some explanatory materials).
The consultation period for the draft package runs until August 31, with the final legislation planned to go before Parliament later in this Spring session.
For a copy of the Assistant Treasurer's media release, No 2009/030, 14 August 2009, go here
For a copy of the Exposure Draft and accompanying materials, go here