(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 market 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 market value of a share or option on the relevant day is to be determined in accordance with the Commonwealth income tax provisions.(3) For that purpose, the Commonwealth income tax provisions apply with the following modifications, and any other necessary modifications:(a) the market value of an option is to be determined as if it were a right to acquire a share,(b) a reference to a taxpayer is to be read as a reference to the employee,(c) a reference to the Commissioner of Taxation is to be read as a reference to either that Commissioner or the Chief Commissioner of State Revenue.(4) Section 15 does not apply to the grant of a share or option that constitutes wages, even if it constitutes a fringe benefit.(5) In this section:
Commonwealth income tax provisions means the provisions of Subdivision F of Division 13A of Part III of the Income Tax Assessment Act 1936 of the Commonwealth.