Western Australian Numbered Acts Western Australian Numbered Acts (1) Delete
section 9DD(1) and insert:
(1) In this
section —
Commonwealth income tax provisions means the
Income Tax Assessment Act 1997 (Commonwealth) section 83A-315 and
the regulations made for the purposes of that section.
Note: See the Income
Tax Assessment Regulations 1997 (Commonwealth) Division 83A for the
relevant regulations.
(2) In
section 9DD(2) delete “taken to be wages under this Subdivision is
the market value” and insert:
is the value
(3) Delete
section 9DD(3) and (4) and insert:
(3) 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.
(4) 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.
(5) However, the
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.
(6) In determining the
market value of a share or an option, anything that would prevent or restrict
conversion of the share or option to money is to be disregarded.
(7) 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.