South Australian Numbered Acts South Australian Numbered Acts10—Amendment of Schedule 3—Transitional provisions
Schedule 3—after Part 2 insert:
Part 3—Transitional provisions—Employee shares and options
1—Assessment and payment of payroll tax in relation to employee shares and options
Anything done or omitted to be done by an employer in connection with the assessment and payment of payroll tax, in respect of a month occurring after June 2009 and before July 2013, that would have been validly done or omitted to be done had the amendments made to this Act by the Payroll Tax (Miscellaneous) Amendment Act 2012 been in force, is taken to have been validly done or omitted.
Note—
This provision validates a decision by an employer to treat the grant of a share or an option to an employee that is not an ESS interest as a fringe benefit under Division 2 of Part 3 of this Act and to determine the value of those fringe benefits in accordance with those provisions, rather than by reference to Division 4 of Part 3 of this Act.
2—Determination of vesting date and value of employee shares and options
(1) Division 4 of Part 3 of this Act continues to apply in respect of a share or an option granted before 1 July 2013 that constituted wages under old section 18, whether or not the grant of the share or option would constitute wages under new section 18, if the relevant day in relation to the grant of the share or option is not a day occurring before 1 July 2013.
Note—
For example, a share granted before 1 July 2013 that is not an ESS interest continues to be treated as wages under Division 4 of Part 3 of this Act if the vesting date for the share did not occur before 1 July 2013 and the employer did not elect to treat the date of the grant as the relevant day.
(2) The assessment amendments apply in respect of any such share or option.
(3) Accordingly, the vesting date and the value of the share or option are to be determined in accordance with the assessment amendments.
(4) This clause does not apply in respect of a share or an option granted before 1 July 2013 if the liability for payroll tax in respect of the grant is determined in accordance with Division 2 of Part 3 (as permitted by clause 1).
(5) In this clause—
"assessment amendments" means the amendments made by sections 6 and 7 of the Payroll Tax (Miscellaneous) Amendment Act 2012 ;
"new section 18" means section 18 as amended by the Payroll Tax (Miscellaneous) Amendment Act 2012 ;
"old section 18" means section 18 as in force immediately before 1 July 2013;
"relevant day"—see section 18(3).