20230509-KPMG_Global-Australia_–_Time_to_Plan_for_Employee_Share_Scheme_Reporting_Is_Now_5页_340kb

Australian Employee Share Scheme (ESS) Reporting Obligations

Key Deadlines

• Deadline 1: July 14, 2023 - Provide ESS statements to employees.
• Deadline 2: August 14, 2023 - Submit annual ESS reports to the ATO.

Requirements and Penalties

• Employers must report taxable ESS events annually using specific software.
• Failure to file by the deadlines results in financial penalties and other non-financial consequences.

Recommended Actions to Avoid Delays

1. Start Early: Initiate discussions with third-party providers promptly.
2. Targeted Data Requests: Clearly define data needs to increase efficiency.
3. Leverage Specialized Skills: Outsource data cleansing if in-house resources are overwhelmed.
4. Account for Global Mobility: Maintain accurate records for employees working internationally.
5. Legislative Changes: Track legislation changes impacting deferred taxing points.
6. Cross-Check with Payroll Tax: Ensure alignment with state revenue reporting.

Additional Information

• Reports must be lodged electronically.
• Deadlines apply based on the year-end (June 30).
• Employers can seek assistance from KPMG professionals.

ATO Reporting Requirements
Source and additional guidance available via the ATO.