Australian Capital Territory Current Acts

PAYROLL TAX ACT 2011 - SECT 18

    (1)     For this Act, "wages" includes the grant of a share or option to an employee by an employer in relation to services performed by the employee if the share or option is an ESS interest and is granted to the employee under an employee share scheme.

Note     A grant of a share or option to an employee by an employer that is not an ESS interest will be taxable as a fringe benefit under div 3.2 (Fringe benefits).

    (2)     The wages are taken, for the purpose of the imposition of payroll tax, to be paid or payable on the relevant day.

    (3)     For this division, the relevant day is the day that the employer elects in accordance with this division to treat as the day when the wages are paid or payable.

    (4)     To remove any doubt, the grant of a share or option is valuable consideration for section 46 (Wages paid by or to third parties).

    (5)     In this section:

"employee share scheme"—see the Income Tax Assessment Act 1997

(Cwlth), section 83A- 10 (Meaning of ESS interest and employee share scheme ).

"ESS interest"—see the Income Tax Assessment Act 1997

(Cwlth), section 83A- 10.