Developments Since July 2009
Taxpayers should note recent tax law changes, which include:• the foreign employment income derived by Australian resident individuals is not exempted from income tax, except in specified circumstances;
• the availability of an optional CGT roll-over for the transfer of assets between ‘fixed trusts’ and thus deferring the making of any capital gain or loss in respect of the transfer; and
• the changes to the tax treatment of employee share schemes (ESS), eg the $1,000 discount for upfront taxation of an ESS interest is only available if an individual’s adjusted income is less than $180,000.