Payroll Tax Act 1971

The value of taxable wages that are paid or payable in kind by an employer (other than fringe benefits under the Fringe Benefits Assessment Act) is the value under the regulations.

The employer must give evidence of the value of the taxable wages to the commissioner if asked by the commissioner.

If the commissioner is not satisfied with the evidence given by the employer, the commissioner may appoint a person to value the taxable wages.

If the value stated by the person appointed under subsection (3) is more than the value stated by the employer, the commissioner may claim all or part of the valuation costs from the employer.

The value of taxable wages comprising a fringe benefit under the Fringe Benefits Assessment Act is, unless otherwise prescribed by regulation, the value worked out using the following formula—where—

if paragraph (b) does not apply—the value that would be the taxable value of the taxable wages as a fringe benefit for the Fringe Benefits Assessment Act; or

if the fringe benefit is an amortised fringe benefit under the Fringe Benefits Assessment Act, section 65CA—the amortised amount of the benefit calculated under that section.

This section does not apply to taxable wages comprising the grant of a share or option to which division 1C applies.