Payroll Tax Act 1971

A grantor may elect to treat either of the following as the day on which wages comprising the grant of a share or option are paid or payable—

the day the share or option is granted to the grantee;

the vesting day for the share or option.

The vesting day—

for a share—is the first of the following days—

the day the share vests in the grantee;

the day that is 7 years after the day the share is granted to the grantee; or

for an option—is the first of the following days—

the day the share to which the option relates is granted to the grantee;

the day the grantee exercises a right under the option to have the share to which it relates transferred or allotted to, or vest in, the grantee;

the day that is 7 years after the day the option is granted to the grantee.

For subsection (2), a share vests in the grantee when—

any conditions applying to the grant of the share have been met; and

the grantee’s legal or beneficial interest in the share can not be rescinded.