Document ID: chunk:federal_register_of_legislation:C2014C00751:clause:1_44
Version: federal_register_of_legislation:C2014C00751
Segment Type: clause
Provision Reference: sch 1 cl 44
Character Range: 71588–72373

44  Section 208‑235
Repeal the section, substitute:

208‑235  Distributions to employees acquiring shares under eligible employee share schemes
  Division 207 also applies to a *distribution *franked with an exempting credit made by a *former exempting entity as if it were a *franked distribution if:
 (a) the distribution is made to an individual who, at the time the distribution is made, is an employee of:
 (i) the former exempting entity; or
 (ii) a *subsidiary of the former exempting entity; and
 (b) the employee acquired a beneficial interest in the *share on which the distribution is made:
 (i) under an *employee share scheme; and
 (ii) in circumstances specified as relevant in section 208‑215; and
 (c) the employee does not hold that beneficial interest as a trustee.