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PAYROLL TAX ACT 2007 - SECT 21
Effect of rescission, cancellation of share or option
21 Effect of rescission, cancellation of share or option
(1) If the grant of a share or option is withdrawn, cancelled or exchanged
before the vesting date for any valuable consideration (other than the grant
of other shares or options), the following provisions apply- (a) the date of
withdrawal, cancellation or exchange is taken to be the vesting date of the
share or option,
(b) the market value of the share or option, on the vesting
date, is taken to be the amount of the valuable consideration (and,
accordingly, that amount is the amount paid or payable as wages on that date).
(2) If an employer includes the value of a grant of a share or option in the
taxable wages of the employer for a financial year and the grant is rescinded
because the conditions attaching to the grant were not met, the taxable wages
of the employer, in the financial year in which the grant is rescinded, are to
be reduced by the value of the grant as previously included in the
taxable wages of the employer.
(3) Subsection (2) does not apply just because
an employee fails to exercise an option or to otherwise exercise his or her
rights in respect of a share or option.
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