In an interview on Radio National on 1 May 2008, the Treasurer, Wayne Swan, indicated that the Australian Federal Government will be targeting executive share options in the upcoming May Budget. He said:
“Well, there’s been a loophole in the system, Steve, where those with the shares who are predominately higher incomes earners and people who’ve accumulated shares or rights through their company, have been able to avoid paying their fair share of tax.
It’s been a loophole that’s been there for some time and we’re going to close it because they’ve not been paying their fair share on these options.
They’ve been able to elect to pay the tax on a lower value, and we’re going to close that option for them.”
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