Australian lawmakers approved a controversial plan to change the way employee share schemes are taxed.
The schemes proposed taxing employee share schemes when employees are granted discounts or options on shares, rather than when they vest - that is, when employees take ownership of the shares or sell them.
"With the reform to the taxation of employee share schemes, the government will better target eligibility for the tax concessions and reduce opportunities for tax avoidance," Assistant Treasurer Nick Sherry said in a statement.