State Taxation Acts Amendment Act 2011
17 State Taxation Acts Amendment Act 2011
Anything done or omitted to be done by an employer in connection with the assessment and payment of payroll tax, in respect of a month occurring after June 2009 and before July 2011, that would have been validly done or omitted to be done had the amendments made to this Act by the State Taxation Acts Amendment Act 2011 been in force, is taken to have been validly done or omitted.
Note
This provision validates a decision by an employer to treat the grant of a share or an option to an employee that is not an ESS interest as a fringe benefit under Division 2 of Part 3 of this Act and to determine the value of those fringe benefits in accordance with those provisions, rather than by reference to Division 4 of Part 3 of this Act.
Division 4 of Part 3 of this Act continues to apply in respect of a share or an option granted before 1 July 2011 that constituted wages under old section 18, whether or not the grant of the share or option would constitute wages under new section 18, if the relevant day in relation to the grant of the share or option is not a day occurring before 1 July 2011.
Example
A share granted before 1 July 2011 that is not an ESS interest continues to be treated as wages under Division 4 of Part 3 of this Act if the vesting date for the share did not occur before 1 July 2011 and the employer did not elect to treat the date of the grant as the relevant day.
The assessment amendments apply in respect of any such share or option.
Accordingly, the vesting date and the value of the share or option are to be determined in accordance with the assessment amendments.
This clause does not apply in respect of a share or an option granted before 1 July 2011 if the liability for payroll tax in respect of the grant is determined in accordance with Division 2 of Part 3 (as permitted by subclause (1)).
In this clause—
assessment amendments means the amendments made by the State Taxation Acts Amendment Act 2011;
new section 18 means section 18 as amended by the State Taxation Acts Amendment Act 2011;
old section 18 means section 18 as in force immediately before 1 July 2011;
relevant day has the same meaning as it has in section 18(3).
Sch. 3 cl. 18 inserted by No. 41/2013 s. 45.
This Act’s bill:Explanatory memorandumSecond reading speech
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