Chris Bowen (Prospect, Australian Labor Party, Minister for Financial Services, Superannuation and Corporate Law) Share this | Hansard source

How companies deal with their schemes is a matter for them. The very strong feedback received by me and by the government was that it would be very helpful for companies with their schemes, which often are most active at the end of the financial year, if these changes were delayed until 1 July. We took on board that concern and we delayed these changes until 1 July. So any schemes or any shares that were issued today would apply under the pre-budget measure—with the exception, of course, that the tax office would be seeking greater disclosure, which every firm has indicated they have absolutely no problem with. The situation today is exactly the same as the situation pre-budget in terms of tax treatment of shares issued between now and 1 July. The government has indicated this legislation will be effective from 1 July this year.

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