Ann: Annual Financial Report , page-6

Hey Nab, Option valuations are a funny thing - been in the same boat you are and there was nothing I could do about it - the problem you may have is that the tax office will take the bottom line number as your taxable income and you might find yourself with a juicy tax bill down the track (someone I know got belted to the tune of over $250K on options that were never worth anything and then he copped a fine on top of that for not realising he had to pay the tax on them prior toexercising - long story compounded with bad advise).

You should definitely get some good independent tax advice if nothing else.