sec.13TEffect of rescission or cancellation of share or option

### sec.13T Effect of rescission or cancellation of share or option If, before the vesting day, the grant of a share or option is withdrawn, cancelled or exchanged for consideration other than the grant of other shares or options— the date of the withdrawal, cancellation or exchange is taken to be the vesting day for the share or option; and despite section 13U (1) (a) , the market value of the share or option on the vesting day is taken to be the amount of the consideration. A grantor must reduce, by the relevant amount, the taxable wages paid or payable by the grantor for a financial year or final period, if— the grantor included the value of a grant of a share or option in the taxable wages paid or payable by the grantor for a periodic return period falling in the financial year or final period; and the grant is rescinded, during the financial year or final period, because the conditions of the grant were not met. The commissioner must make a reassessment of a grantor’s liability for payroll tax and the mental health levy for a financial year or final period, to reduce the taxable wages of the grantor by the relevant amount, if— the grantor included the value of a grant of a share or option in the taxable wages paid or payable by the grantor for the financial year or final period; and the grant is rescinded, after the end of the financial year or final period, because the conditions of the grant were not met. However, if the grantor is a non-DGE group member, subsection (3) applies as if a reference to making a reassessment of a grantor’s liability for the mental health levy were a reference to making a reassessment of the DGE’s liability for the mental health levy. For subsections (2) and (3) , the relevant amount is the value of the grant of a share or option previously included in the taxable wages of the grantor under subsection (2) (a) or (3) (a) . Subsections (2) and (3) do not apply only because the grantee fails to exercise an option or otherwise exercise the grantee’s rights in relation to a share or option. s 13T ins 2008 No. 16 s 9 amd 2009 No. 19 s 73 ; 2022 No. 30 s 26 (sec.13T-ssec.1) If, before the vesting day, the grant of a share or option is withdrawn, cancelled or exchanged for consideration other than the grant of other shares or options— the date of the withdrawal, cancellation or exchange is taken to be the vesting day for the share or option; and despite section 13U (1) (a) , the market value of the share or option on the vesting day is taken to be the amount of the consideration. (sec.13T-ssec.2) A grantor must reduce, by the relevant amount, the taxable wages paid or payable by the grantor for a financial year or final period, if— the grantor included the value of a grant of a share or option in the taxable wages paid or payable by the grantor for a periodic return period falling in the financial year or final period; and the grant is rescinded, during the financial year or final period, because the conditions of the grant were not met. (sec.13T-ssec.3) The commissioner must make a reassessment of a grantor’s liability for payroll tax and the mental health levy for a financial year or final period, to reduce the taxable wages of the grantor by the relevant amount, if— the grantor included the value of a grant of a share or option in the taxable wages paid or payable by the grantor for the financial year or final period; and the grant is rescinded, after the end of the financial year or final period, because the conditions of the grant were not met. (sec.13T-ssec.4) However, if the grantor is a non-DGE group member, subsection (3) applies as if a reference to making a reassessment of a grantor’s liability for the mental health levy were a reference to making a reassessment of the DGE’s liability for the mental health levy. (sec.13T-ssec.5) For subsections (2) and (3) , the relevant amount is the value of the grant of a share or option previously included in the taxable wages of the grantor under subsection (2) (a) or (3) (a) . (sec.13T-ssec.6) Subsections (2) and (3) do not apply only because the grantee fails to exercise an option or otherwise exercise the grantee’s rights in relation to a share or option. - (a) the date of the withdrawal, cancellation or exchange is taken to be the vesting day for the share or option; and - (b) despite section 13U (1) (a) , the market value of the share or option on the vesting day is taken to be the amount of the consideration. - (a) the grantor included the value of a grant of a share or option in the taxable wages paid or payable by the grantor for a periodic return period falling in the financial year or final period; and - (b) the grant is rescinded, during the financial year or final period, because the conditions of the grant were not met. - (a) the grantor included the value of a grant of a share or option in the taxable wages paid or payable by the grantor for the financial year or final period; and - (b) the grant is rescinded, after the end of the financial year or final period, because the conditions of the grant were not met.