2022 Employee Share Scheme Reporting

Julia Lee — Mon, 09 May 2022 00:25:17 +0000

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?

If you are an employer	You will need to	How can SW help?
Reporting <50 employees and no more than 3 schemes per employee (with an Australian ABN)	Manually complete electronic ATO form (ATO form does not produce ESS statements)	SW can help with the completion of the manual forms or producing ESS statements
Reporting >50 employees OR Reporting <50 employees (without an Australian ABN)	-Purchase software -Develop own in-house software -Use an agent with ATO-approved software	Our Complete Tax Solution ESS Toolkit can be used to assist clients with their ESS reporting requirements (further information below).
With globally mobile employees	Indicate on each employee’s ESS statement: -Whether the reported figures are gross or apportioned between Australian–sourced/ other work -Report assignment dates (optional)	Our Complete Tax Solution ESS Toolkit can be used to assist clients with their ESS reporting requirements (further information below).

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.

Company profile	Conditions
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 requirements are unlikely to affect you. However, you may wish to consider the CTS ESS Toolkit as an alternative means of meeting your ESS reporting requirements.

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.

Financial Reporting Webinar Series

Sarah Redditt — Fri, 01 Apr 2022 03:29:51 +0000

Our 2022 Financial Reporting webinar series will run across four interactive sessions presented by accounting experts.

This year, the series will be delivered online, and sessions are spread across the year with a focus on topics of particular relevance and importance to our clients in 2022, and also provide you with a general update on what’s new in financial reporting.

Series details

Webinar 1 (28 April 2022): Share-based payments

This session delved into the key tax and accounting issues surrounding share-based payments with insightful worked examples. The webinar covered:

Overview and background
Recent changes to tax legislation
What is a share-based payment?
Vesting conditions
Recognition and measurement – worked example
Valuation methodologies

Webinar 2 (19 May 2022): Financial services

Our experts focused on financial services and provided an update on:

Regulatory update – accounting standards, regulatory bodies
SIV fund compliance update
AFSL compliance update including transition to general purpose financial reporting
Tax update for financial services

Webinar 3 (9 June 2022): Financial Reporting update for financial year end 30 June 2022

Our experts provided insight and an update on:

Accounting standard changes
Key focus areas for 30 June 2022 reporting
ASIC update and focus areas
Corporate governance update
Other regulatory changes

Webinar 4 (17 November 2022): Financial Reporting update for financial year end 31 December 2022

Our experts will cover:

Accounting standard changes
Key focus areas for 31 December 2022 reporting
ASIC update and focus areas
Corporate governance update
Other regulatory changes

Series experts

René Muller
Partner, Assurance and Advisory Services
SW

Tom Mullarkey
Partner, Assurance and Advisory Services
SW

Jimmy Cao
Associate Director, Assurance and Advisory Services
SW

Justin Batticciotto
Associate Director, Tax
SW

Vikas Nahar
Director, Corporate Finance
SW

Bessie Zhang
Partner, Assurance and Advisory Services
SW

Rami Eltchelebi
Partner, Assurance and Advisory Services
SW

Simon Tucker
Director, Tax
SW

Brent Sheers
Senior Manager, Assurance and Advisory Services
SW

Mark Smit
Associate Director, Assurance and Advisory Services
SW

Contact us

If you have any queries or would like more information, please contact the Marketing team via marketing@sw-au.com.

The post Financial Reporting Webinar Series appeared first on SW Accountants & Advisors.

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