Victorian Numbered Acts Victorian Numbered Acts(1) The employer can elect to treat as the relevant day either the date on which the share or option is granted to the employee or the vesting date.
(2) A share or option is granted to a person in the following circumstances—
(a) in the case of a share—if the person acquires the share (within the meaning of section 139G of the Income Tax Assessment Act 1936 of the Commonwealth) or in the circumstances prescribed by the regulations under this Act;
(b) in the case of an option—if the person acquires a right (within the meaning of section 139G of the Income Tax Assessment Act 1936 of the Commonwealth) to the share to which the option relates or in the circumstances prescribed by the regulations under this Act.
(3) The vesting date in respect of a share is the date on which the share vests in the employee (that is, when any conditions applying to the grant of the share have been met and the employee's legal or beneficial interest in the share cannot be rescinded).
(4) The vesting date in respect of an option is one of the following dates (whichever happens first)—
(a) the date on which the share to which the option relates is granted to the employee;
(b) the date on which the employee exercises a right under the option to have the share the subject of the option transferred to, allotted to or vest in him or her.