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Welcome to this special news alert from GuerdonNews® |
Government releases draft legislation for Employee Share Scheme taxation |
Draft new taxation legislation on the taxation of employee, executive and director share rights and options was released by the Australian government late yesterday.
In effect, the changes permit tax on options and rights to be moved to when they are exercised, providing the options and rights cannot be sold, transferred or otherwise disposed of prior to exercise. Currently, they are taxed at either grant or when forfeiture restrictions are lifted.
The new legislation will bring Australia into line with overseas competitors for attracting talented technical specialists, directors and executives.
In addition, special concessions will apply for ‘start-ups’. |
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