The ATO has published a Decision Impact Statement in relation to the decision of the AAT in Stewart and FCT  AATA 845; 2013 ATC 10-340.
The Decision Impact Statement outlines the ATO's response to this case which concerned the amount assessable to the taxpayer in the 2007 income year when he exercised 60,000 share options issued to him by his employer, Toll Holdings Ltd, in the 2004 income year. Between the time of issue and exercise of the options, Toll demerged part of its business to a new group, the Asciano Group and issued staples securities to, amongst others, the taxpayer, the effect of which was to reduce the value of the Toll shares on exercise of the options. The AAT agreed with the taxpayer that the value of the Asciano stapled securities was not assessable to the taxpayer in the 2007 year under Division 13A or under either s 6-5 or s 15-2 of ITAA 97.
The ATO states that it accepts that, on the facts as found, it was open for the AAT to find that the value of the Asciano stapled securities was not assessable to the taxpayer in the 2007 year.