Document ID: chunk:federal_register_of_legislation:C2014C00751:clause:1_1:p3
Version: federal_register_of_legislation:C2014C00751
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 3/13)
Character Range: 10463–13228

included in your assessable income under that subsection, for the income year, for *ESS interests to which subsections (3) to (9) of this section apply.
 (2) However:
 (a) do not reduce the total amount by more than $1,000; and
 (b) only make the reduction if the sum of the following does not exceed $180,000:
 (i) your taxable income for the income year (including any amount that would be included in your taxable income if you disregarded this section);
 (ii) your *reportable fringe benefits total for the income year;
 (iii) your *reportable superannuation contributions (if any) for the income year;
 (iv) your *total net investment loss for the income year.

Employment
 (3) This subsection applies to an *ESS interest in a company if, when you acquire the interest, you are employed by:
 (a) the company; or
 (b) a *subsidiary of the company.

Employee share scheme relates only to ordinary shares
 (4) This subsection applies to an *ESS interest you acquire under an *employee share scheme if, when you acquire the interest, all the ESS interests available for acquisition under the scheme relate to ordinary *shares.

Integrity rule about share trading and investment companies.
 (5) This subsection applies to an *ESS interest in a company unless, when you acquire the interest:
 (a) the predominant business of the company (whether or not stated in its constituent documents) is the acquisition, sale or holding of *shares, securities or other investments (whether directly or indirectly through one or more companies, partnerships or trusts); and
 (b) you are employed by the company; and
 (c) you are also employed by any other company that is:
 (i) a *subsidiary of the first company; or
 (ii) a holding company (within the meaning of the Corporations Act 2001) of the first company; or
  (iii) a subsidiary of a holding company (within the meaning of the Corporations Act 2001) of the first company.

Scheme must be non‑discriminatory
 (6) This subsection applies to an *ESS interest you acquire under an *employee share scheme if, when you acquire the interest, both:
 (a) the employee share scheme; and
 (b) any scheme for the provision of financial assistance in respect of acquisitions of ESS interests under the employee share scheme;
are operated on a non‑discriminatory basis in relation to at least 75% of the permanent employees of your employer who have completed at least 3 years of service (whether continuous or non‑continuous) with your employer and who are Australian residents.

No risk of losing interest 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