ARTICLE · 02 JULY 2010

New Employee Share Scheme Reporting Requirements

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When addressing their end of financial year obligations, employers need to aware of new changes to the taxation of employee share scheme (EES) interests, effective from 1 July 2009.

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By Michele Muscillo, Partner and Damian O'Connor, Special Counsel

When addressing their end of financial year obligations, employers need to aware of new changes to the taxation of employee share scheme (EES) interests, effective from 1 July 2009. These rules apply to shares, stapled securities and rights to acquire them (including options), which have been provided at a discount under an ESS. A significant change under the new legislation is that employers must issue statements to scheme participants, in much the same way as PAYG payment summaries are issued. These statements must be issued by 14 July 2010.

Application of the ESS reporting requirements

This new legislation generally applies to ESS interests provided from 1 July 2009. However, the new reporting requirements can also apply to arrangements in place before that time. The new rules cover not only employees, but also individuals in relationships similar to employment, such as directors and

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