Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 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.



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