On Monday 23 August, the House of Representative Standing Committee on Tax and Revenue tabled its report on employee share schemes. Thanks to the G100 Taxation Reform Working Group for pursuing this issue.
Highlights of the report include:
- removal of cessation of employment as a taxing point;
- increase the $1,000 tax exempt scheme limit; and
- removal of the 75% test for share awards to be eligible for a deferred taxing point.
Members are encouraged to write to the Treasurer to support the report’s recommendations and encourage the Government to implement them as a priority as there apparently is a view in the Department of the Treasury that this is not an issue to worry about. Messages can be sent to the Treasurer via the following link: https://treasury.gov.au/the-department/contact-us/ministerial-correspondence