This update sees in the insertion of 3 new areas of commentary.
First, and probably foremost, there is detailed and practical analysis of the tax treatment of discounts on employee share scheme interests in Div 83A. There are also special rules that apply when an associate of an employee acquires an ESS interest that will deem the employee to have acquired that interest (resulting in the employee being subject to tax, rather than the associate): see [83A.1000].
Second, Div 242 commentary addresses the rules on the tax treatment of luxury car leases. The luxury car lease provisions were formerly contained in Sch 2E (Div 42A) to ITAA 1936. No policy changes were intended by the rewrite, but the provisions were significantly rewritten with a view to making them simpler and clearer. Whether the legislation achieves these aims may be debated, but we like to think that the commentary does: see [242.1000].
Third, Subdiv 840-M was implemented as part of the rewritten rules applying to the tax treatment of managed investment trusts (MITs). see [840-M.1000] .
The update also sees the initial instalment of commentary to bring the definitions falling within the ranges of “A” to “E” of the Dictionary in Div 995-1 brought up to date for all legislative, case and Tax Office developments.