Western Australian Current Acts Western Australian Current Acts (1) For the purposes
of this Act —
wages include the grant of a share or an option to
an employee by an employer in respect of services performed by the employee if
the share or option —
(a) is
an ESS interest within the meaning of the Income Tax Assessment Act 1997
(Commonwealth) section 83A- 10; and
(b) is
granted to the employee under an employee share scheme within the meaning of
that section.
Note:
A grant of a share or
an option to an employee by an employer that is not an ESS interest will be
taxable as a fringe benefit under Subdivision 2.
(2) A share or an
option is granted to a person if —
(a)
another person transfers the share or option to that person (other than, in
the case of a share, by issuing the share to that person); or
(b) in
the case of a share — another person allots the share to that person; or
(c) in
the case of an option — another person confers the option on, or
otherwise creates the option in, that person; or
(d) the
person otherwise acquires a legal interest in the share or option from another
person; or
(e) the
person acquires a beneficial interest in the share or option from another
person.
(3A) To avoid doubt,
if an employee acquires a right to be granted a share or an option, or some
other material benefit, at the employer’s election, the share or option
is not granted until the employer elects to grant the share or option.
(3) Wages constituted
by the value of a share or an option are taken to be paid on the relevant day.
(4) The relevant day
is the day that the employer elects, in accordance with this Subdivision, to
treat as the day on which the wages are paid.
(5) To avoid doubt, a
share or an option is valuable consideration for the purposes of section 9HC.
[Section 9DA inserted: No. 15 of 2010 s. 7;
amended: No. 29 of 2012 s. 18.]