Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 5 - Administration  

PART 5-25 - RECORD-KEEPING AND OTHER OBLIGATIONS RELATING TO TAXPAYERS  

Division 392 - Employee share scheme reporting  

Subdivision 392-A - Statements  

SECTION 392-5   STATEMENTS BY PROVIDERS  

Statements

392-5(1)    
An entity (the provider ) must give a statement to the Commissioner and to an individual for a *financial year if:

(a) both of the following subparagraphs apply:

(i) the provider provides *ESS interests to the individual during the year;

(ii) Subdivision 83A-B or 83A-C of the Income Tax Assessment Act 1997 (about employee share schemes) applies to the interests; or

(b) all of the following subparagraphs apply:

(i) the provider has provided ESS interests to the individual (whether during the year or during an earlier year);

(ii) Subdivision 83A-C of the Income Tax Assessment Act 1997 (about employee share schemes) applies to the interests;

(iii) the *ESS deferred taxing point for the interests occurs during the year.

Note:

Section 286-75 provides an administrative penalty for breach of this subsection.

Form of statements

392-5(2)    
The statement must be in the *approved form.

392-5(3)    
The *approved form may require the statement to contain the following information:

(a) the provider ' s *ABN;

(b) the following information about the individual:

(i) the individual ' s name and address;

(ii) if the individual has quoted his or her *tax file number to the provider - that tax file number;

(iii) if the individual acquired the interests in relation to any services provided to the provider, or to a *subsidiary of the provider, in the course or furtherance of an *enterprise *carried on by the individual, and the individual has *quoted his or her ABN to the provider - that ABN;

(c) the following information about any interests to which both paragraph (1)(a) of this section and Subdivision 83A-B of the Income Tax Assessment Act 1997 apply:

(i) the number of the interests;

(ii) the amount paid, at or before the time of acquisition, towards acquiring the interests;

(iii) the provider ' s estimate of the *market value of the interests at the time of acquisition;

(iv) the amount of *TFN withholding tax (ESS) paid or payable by the provider in respect of the interests during the year;

(d) the following information about any interests to which both paragraph (1)(a) of this section and Subdivision 83A-C of the Income Tax Assessment Act 1997 apply:

(i) the number of the interests;

(ii) the amount paid, at or before the time of acquisition, towards acquiring the interests;

(e) the following information about any interests to which paragraph (1)(b) applies:

(i) the number of the interests;

(ii) the amount paid, after the time of acquisition but not after the *ESS deferred taxing point, towards acquiring the interests;

(iii) the provider ' s estimate of the market value of the interests at the ESS deferred taxing point;

(iv) the amount of TFN withholding tax (ESS) paid or payable by the provider in respect of the interests during the year.

Note:

Regulations made for the purposes of section 83A-315 of the Income Tax Assessment Act 1997 may substitute different amounts for the market values of the ESS interests: see section 392-15 in this Schedule.

392-5(4)    
Subsection (3) does not limit the information that the *approved form may require the statement to contain.

When statements must be given

392-5(5)    
The statement must be given:

(a) to the individual no later than 14 July after the end of the year; and

(b) to the Commissioner no later than 14 August after the end of the year.

Note:

Section 388-55 allows the Commissioner to defer the time for giving an approved form.

Disregard 30 day rule for ESS deferred taxing point if provider does not know when shares are disposed of etc.

392-5(6)    
For the purposes of Subdivision 14-C (about TFN withholding tax (ESS)) and this Division, in working out the *ESS deferred taxing point for an *ESS interest, disregard subsection 83A-115(3) or 83A-120(3) (whichever is applicable) of the Income Tax Assessment Act 1997 (about the 30 day rule) if the provider does not know the time worked out under that subsection at the earlier of:

(a) the time (if any) the provider gives a statement to the relevant individual under this section for the *financial year mentioned in subsection (7); and

(b) the later of:

(i) 14 July after the end of the financial year mentioned in subsection (7); and

(ii) if, under section 388-55 , the Commissioner defers to a later time the time within which the statement under this section for that financial year is required to be given to the individual - that later time.

392-5(7)    
The *financial year is the financial year in which the *ESS deferred taxing point for the *ESS interest occurs, disregarding subsection 83A-115(3) or 83A-120(3) (whichever is applicable) of the Income Tax Assessment Act 1997 (about the 30 day rule).