Upcoming ATO reporting obligations

The ATO requires employers who issue shares or share options to employees to complete their reporting obligations. The deadlines to comply with the reporting requirements are:

• ESS statements are due to be issued to employees by 14 July 2025,
• ATO reports are due for lodgement with ATO by 14 August 2025. 

What do the ATO reporting obligations mean for you?

Our innovative solution | CTS ESS Toolkit

Our CTS ESS Toolkit, an ATO-approved and compliant software, enables employers to simplify their online annual employee share scheme reporting obligations.

We are one of only a handful of providers to have passed ATO testing and have ATO approval for our specialised software. Using the CTS ESS Toolkit, SW has been successfully working with businesses to meet their ESS lodgement requirements.

The table below outlines the types of companies that are most likely to benefit from using the CTS ESS Toolkit.

Significant global entities (SGE)

SGEs are entities that have an annual global turnover of A$1 billion or more. SGEs are subject to increased Failure to Lodge (FTL) penalties for late lodgement of every ATO document or approved form. The SGE penalties are currently $165,000 for each 28 days in which an approved form is lodged after the due date up to a maximum of $825,000. The lodgement of ESS reporting falls within this definition.

The public officer of the company is responsible for the company’s obligations under the income tax law, including the timely lodgement of approved forms with the ATO. If your company is part of an SGE, we recommend implementing systems for timely lodgements of ESS reports with the ATO.

How SW can help

There is limited time to meet ESS reporting requirements. The ATO is particularly emphasising on ensuring corporates comply with timely and accurate reporting obligations.

Now is the time to ensure your business is prepared for reporting season. We offer a fully outsourced service or license our software.

Please contact Sam Morris or Justin Batticciotto to learn how to comply with the ATO reporting requirements and discover how our CTS ESS Toolkit can assist.

Contributor

Justin Batticciotto

The post Simplify employee share schemes reporting with the CTS ESS Toolkit appeared first on SW Accountants & Advisors.

ATO reporting obligations

The Australian Taxation Office (ATO) have reporting obligations in place, affecting employers who issue shares or share options to their employees.  The deadlines to comply with the reporting requirements are:

• ESS statements are due to be issued to employees by 14 July 2023
• ATO reports are due for lodgement with ATO by 14 August 2023. 

What do the ATO reporting obligations mean for you?

Please note that for all ESS interests (new and existing) that are subject to deferred taxation with the deferred taxing point on or after 1 July 2022, cessation of employment has been removed as a deferred taxing point.  

Our innovation solution | CTS ESS Toolkit

SW has developed the ‘Complete Tax Solutions Employee Share Scheme’ Toolkit (CTS ESS Toolkit), an ATO-approved and compliant software which enables employers to simplify their online annual employee share scheme reporting obligations.

Using the CTS ESS Toolkit, SW have been successfully working with businesses to meet their ESS lodgement requirements since electronic reporting began. We are one of only a handful of providers to have passed ATO testing and have ATO approval for our specialised software. CTS ESS Toolkit is designed to help you meet the ATO’s ESS reporting requirements.

The table below outlines the types of companies that are most likely to benefit from using the CTS ESS Toolkit.

Introduction of ‘New Division’ into Corporations Act 2001 (Cth)

Please note any offer of ESS interests to employees made under any existing share plans or new plans should consider whether offers will comply with the recently introduced Division 1A of the Corporations Act 2001 (Cth). The ‘New Division’ overhauls the existing ESS regulatory framework for unlisted and listed companies and updates the legislative framework for entities seeking disclosure relief.    

Next steps

Time is limited to make the necessary arrangements to comply with the ESS reporting requirements. The ATO is particularly keen to ensure corporates are compliant and provide timely and accurate reporting.

Now is the time to ensure your business is not left behind and that everything is ready for reporting season. We can provide a fully outsourced service or license our software; whichever you prefer.

If you would like to discuss how to comply with the ATO reporting requirements or learn more about how our ESS Toolkit will help you, please contact either Sam Morris or Justin Batticciotto on the details below.

Contacts

Sam Morris

E smorris@sw-au-com

Justin Batticciotto

E jbatticciotto@sw-au.com

The post 2023 Employee Share Scheme (ESS) Reporting appeared first on SW Accountants & Advisors.

ATO reporting obligations

The Australian Taxation Office (ATO) have reporting obligations in place, affecting employers who offer shares or share options to their employees. The deadlines to comply with the reporting requirements are:

• ESS statements are due to be issued to employees by 14 July 2022
• ATO reports are due for lodgement with ATO by 14 August 2022 (15 August due to weekend)

What do the ATO reporting obligations mean for you?

Legislation removing the cessation of employment as a taxing point received Royal Assent on 10 February 2022 and will apply to all ESS interests (new and existing) that are subject to deferred taxation, provided the deferred taxing point occurs on or after 1 July 2022. This change will therefore not impact prior year ESS interests or the 2022 lodgements.

Innovation solution

SW has developed compliant software that has been approved by the ATO to enable employers to simplify their online annual employee share scheme reporting obligations.

We have developed the ‘Complete Tax Solutions Employee Share Scheme’ Toolkit (CTS ESS Toolkit) which can help you meet the ATO’s ESS reporting requirements. SW is one of only a handful or providers to have passed ATO testing and we have ATO approval for the software. We have been successfully working with businesses to meet their ESS lodgement requirements since electronic reporting began. 

The table below outlines the types of companies that are most likely to benefit from using the CTS ESS Toolkit.

Next steps

Time is limited to make the necessary arrangements to comply with the ESS reporting requirements. The ATO is particularly keen to ensure corporates are compliant and providing timely and accurate reporting.

Now is the time to ensure your business is not left behind and you have everything in place ready for reporting season. We can provide a fully outsourced service or license our software; whichever you prefer.

If you would like to discuss how to comply with the ATO reporting requirements, or learn more about how our ESS Toolkit will help you, please contact either Sam Morris or Justin Batticciotto on the details below.

Contacts

Sam Morris

E smorris@sw-au-com

Justin Batticciotto

E jbatticciotto@sw-au.com

The post 2022 Employee Share Scheme Reporting appeared first on SW Accountants & Advisors.

The deadlines to comply with the new reporting requirements are:

• Employee reports (payment summaries) are due to be issued to employees by 14 July
• ATO reports are due for lodgement with ATO by 14 August.

CTS ESS – Innovative Solution

SW has developed CTS ESS to simplify and automate employers’ online annual employee share scheme reporting obligations. CTS ESS enables Electronic lodgement of the ATO reports via the Standard Business Reporting (SBR) portal. 

What do the ATO reporting obligations mean to you?

What types of companies are most likely to benefit from using CTS ESS?

The ATO is particularly keen to ensure corporates are compliant and providing timely and accurate reporting. Now is the time to ensure your business is not left behind and you have everything in place ready for reporting season. We can provide a fully outsourced service or license our software; whichever you prefer.

Large, privately owned company (>50 reportable employees)

Commonly tax and finance is done in-house and support required for one-off compliance and advisory projects such as ESS reporting.

Head-quartered overseas (either >50 reportable employees or <50 if no ABN)

With subsidiaries/employees in Australia particularly if:

• Australian employees are in split roles here and overseas
• Where finance and payroll functions are based offshore, and no access to the required software for ESS reporting.

ASX listed company

If you are currently reporting ESS information through the Australian Share Registry, the ESS reporting requirement changes are unlikely to affect you. However, you may wish to consider CTS ESS as an alternative means of meeting your ESS reporting requirements.

Want to find out more? 

To learn more about how CTS can benefit your business, simply click here to email our CTS team and a team member will be in touch with you within the next business day.

The post CTS for Employee Share Schemes appeared first on SW Accountants & Advisors.

ATO reporting obligations

The Australian Taxation Office (ATO) have reporting obligations in place, affecting those who offer shares or share options to their employees. The deadlines to comply with the reporting requirements are:

• ESS statements are due to be issued to employees by 14 July 2021
• ATO reports are due for lodgement with ATO by 14 August 2021.

What do the ATO reporting obligations mean for you?

The change to the cessation of employment taxing point announced in the Federal Budget will apply to ESS interests issued on or after 1 July following Royal Assent. Therefore, this change will not impact prior year ESS interests.

Innovation solution

SW has developed compliant software that has been approved by the ATO to enable employers to simplify their online annual employee share scheme reporting obligations.

We have developed the ‘Complete Tax Solutions Employee Share Scheme’ Toolkit (CTS ESS Toolkit) which can help you meet the ATO’s ESS reporting requirements. SW is one of only a handful or providers to have passed ATO testing and we have ATO approval for the software.

The table below outlines the types of companies that are most likely to benefit from using the CTS ESS Toolkit.

Next steps

Time is limited to make the necessary arrangements to comply with the ESS reporting requirements. The ATO is particularly keen to ensure corporates are compliant and providing timely and accurate reporting.

Now is the time to ensure your business is not left behind and you have everything in place ready for reporting season. We can provide a fully outsourced service or license our software; whichever you prefer.

If you would like to discuss how to comply with the ATO reporting requirements, or learn more about how our ESS Toolkit will help you, please contact either Sam Morris or Justin Batticciotto on the details below.

Get in touch

The post 2021 Employee Share Scheme Reporting appeared first on SW Accountants & Advisors.