Document ID: chunk:federal_register_of_legislation:C2014C00751:clause:1_5:p1
Version: federal_register_of_legislation:C2014C00751
Segment Type: clause
Provision Reference: sch 1 cl 5 (pt 1/3)
Character Range: 45692–48541

5  After Division 391 in Schedule 1
Insert:

Division 392—Employee share scheme reporting

Table of Subdivisions
 Guide to Division 392
392‑A Statements
392‑B Miscellaneous

Guide to Division 392

392‑1  What this Division is about

      A company that provides ESS interests to an individual under an employee share scheme during a year must, at the end of the year (and, in certain cases, at the end of a later year), give certain information to the Commissioner and to the individual.
                  Note: For the tax treatment of employee share schemes, see Division 83A of the Income Tax Assessment Act 1997.

Subdivision 392‑A—Statements

Table of sections
392‑5 Statements by providers
392‑10 Change or omission in information given to the Commissioner

392‑5  Statements by providers

Statements
 (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
 (2) The statement must be in the *approved form.
 (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