Document ID: chunk:federal_register_of_legislation:C2014C00751:clause:1_1:p4
Version: federal_register_of_legislation:C2014C00751
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 4/13)
Character Range: 13002–15563

or share under the conditions of the scheme
 (7) This subsection applies to an *ESS interest you acquire under an *employee share scheme if, when you acquire the interest:
 (a) if the ESS interest is a beneficial interest in a *share—there is no real risk that, under the conditions of the scheme, you will forfeit or lose the ESS interest (other than by disposing of it); or
 (b) if the ESS interest is a beneficial interest in a right to acquire a beneficial interest in a *share:
 (i) there is no real risk that, under the conditions of the scheme, you will forfeit or lose the ESS interest (other than by disposing of it, exercising the right or letting the right lapse); and
 (ii) there is no real risk that, under the conditions of the scheme, if you exercise the right, you will forfeit or lose the beneficial interest in the share (other than by disposing of it).

Minimum holding period
 (8) This subsection applies to an *ESS interest you acquire under an *employee share scheme if, at all times during the period that:
 (a) starts when you acquire the interest; and
 (b) ends at the earlier of:
 (i) 3 years later; and
 (ii) when you cease being employed by your employer;
the scheme is operated so that:
 (c) you are not permitted to dispose of:
 (i) any ESS interest (the scheme interest) you acquire under the scheme; or
 (ii) a beneficial interest in a *share you acquire as a result of a scheme interest;
  before the earlier of:
 (iii) the end of the period of 3 years after you acquire the scheme interest; and
 (iv) when you cease being employed by your employer; and
 (d) everyone else who acquires ESS interests under the scheme is subject to a corresponding restriction.
Note: This subsection is taken to apply in the case of a takeover or restructure: see subsection 83A‑130(3).

5% limit on shareholding and voting power
 (9) This subsection applies to an *ESS interest in a company if, immediately after you acquire the interest:
 (a) you do not hold a beneficial interest in more than 5% of the *shares in the company; and
 (b) you are not in a position to cast, or to control the casting of, more than 5% of the maximum number of votes that might be cast at a general meeting of the company.

Subdivision 83A‑C—Deferred inclusion of gain in assessable income

Guide to Subdivision 83A‑C

83A‑100  What this Subdivision is about

      If there is a real risk you might forfeit the share, right or stapled security you acquired under an employee share scheme, you don't include the discount in your assessable income when you acquired