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PAYROLL TAX ACT 2007 - SECT 23
Value of shares and options
23 Value of shares and options
(1) If the grant of a share or option constitutes wages under this Division,
the amount paid or payable as wages is taken, for the purposes of 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
respect of the share or option (other than consideration in the form of
services performed).
(2) The value of a share or an option is- (a) the market
value, or
(b) the amount determined as provided for by the
Commonwealth income tax provisions.
(3) The employer may elect the method by
which the value of a share or an option is determined in any return lodged
under this Act.
(4) However, the Chief Commissioner may determine the method
by which the value of a share or an option is determined if the grant of the
share or option is not included as wages in a return lodged by an employer as
required by this Act.
(5) In determining the market value of a share or
option, anything that would prevent or restrict conversion of the share or
option to money is to be disregarded.
(6) The
Commonwealth income tax provisions apply with the following modifications, and
any other necessary modifications- (a) the value of an option is to be
determined as if it were a right to acquire a beneficial interest in a share,
(b) a reference to the acquisition of a beneficial interest in a share or
right is to be read as a reference to the grant of a share or an option.
(7)
In this section,
"Commonwealth income tax provisions" means section 83A- 315 of the Income Tax
Assessment Act 1997 of the Commonwealth and the regulations made for the
purposes of that section. Note-: See Division 83A of the Income Tax Assessment
(1997 Act) Regulations 2021 of the Commonwealth for the relevant regulations.
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