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Treasury has released for public consultation exposure draft legislation and regulations that will amend the income tax law to implement the Government’s commitment to improve the tax treatment of employee share schemes as part of the Industry Innovation and Competitiveness Agenda. Accompanying the drafts are explanatory material to explain the operation of the proposed law.

The proposed amendments would:

  • reverse some of the changes made in 2009 to the point at which rights issued as part of an employee share scheme are taxed for employees of all corporate tax entities;
  • introduce a further tax concession for employees of certain small start-up companies; and
  • allow the ATO to work with industry to develop safe harbour valuation methods, supported by standardised documentation, that will streamline the process of establishing and maintaining an employee share scheme for businesses.

The closing date for submissions is Friday 6 February 2015.


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