Income Tax Point-in-Time Service Updates

The Income Tax Point-in-Time Service has been updated to include the latest amendments in the Tax and Superannuation Laws Amendment (Employee Share Schemes) Act 2015 (No. 105 of 2015) and Business Services Wage Assessment Tool Payment Scheme (Consequential Amendments) Act 2015 (No. 112 of 2015).

Act 105 of 2015

Schedule 1 to this Act amends the Income Tax Assessment Act 1997 to improve the taxation of employee share schemes (ESSs) by: 
• reversing some of the changes made in 2009 to the taxing point for rights for employees of all corporate tax entities;
• introducing a further taxation concession for employees of certain small start-up companies; and
• supporting the Australian Taxation Office to work with industry to develop and approve safe harbour valuation methods and standardised documentation that will streamline the process of establishing and maintaining an ESS.
These changes will improve the tax treatment of ESS interests so as to facilitate better alignment of interests between employers and their employees, and to stimulate the growth of innovative start-ups in Australia by helping small unlisted companies be more competitive in the labour market.

Act 112 of 2015

An Act to deal with consequential matters arising in connection with the Business Services Wage Assessment Tool Payment Scheme Act 2014, and for related purposes 

The amendments made by Acts 105 and 112 of 2015 have been updated in the Point-in-Time Income Tax Service current to 21 July 2015. (NB: Subscription required).

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