Australian Capital Territory Current Acts Australian Capital Territory Current Acts(1) If the grant of a share or option is wages under this division, the amount paid or payable as wages is taken, for this Act, to be the value of the share or option (expressed in Australian currency) on the relevant day, less the consideration (if any) paid or given by the employee in relation to the share or option (other than consideration in the form of services performed).
(2) The value of a share or option is—
(a) the market value; or
(b) the amount worked out as provided for by the Commonwealth income tax provisions.
(3) The employer may elect the method by which the value of a share or option is worked out in any return lodged under this Act.
(4) However, the commissioner may determine the method by which the value of a share or option is worked out if the grant of the share or option is not included as wages in a return lodged by an employer as required under this Act.
(5) In working out the market value of a share or option, anything that would prevent or restrict conversion of the share or option to money must be disregarded.
(6) The Commonwealth income tax provisions apply with the following changes, and any other necessary changes:
(a) the value of an option must be worked out as if it were a right to acquire a beneficial interest in a share;
(b) as if a reference to the acquisition of a beneficial interest in a share or right were a reference to the grant of a share or option.
(7) In this section:
"Commonwealth income tax provisions" means the Income Tax Assessment Act 1997
(Cwlth), section 83A-315 (Market value of ESS interest).
Note 1 A reference to an Act includes a reference to the statutory instruments made or in force under the Act, including any regulation (see Legislation Act
, s 104).
Note 2 See the Income Tax Assessment Regulations 1997
(Cwlth), div 83A (Employee share schemes).