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Tax Return

Newbie

Views 602

Replies 4

Hello, 

 

I am a resident dor tax purposes in Australia ans have been working in Australia for tax year 2019/2020. 

 

I have also received foreign income from exercised options I have bought in Feb. 2019. These options were provided by my previous employer back in the U.K with Head Ofiice based in in the US as part of the employer contract package.

The company has merged in the meantime and I had to sign out of this investment and received gained capital in USD in Dec 2019 and April 2019. 

 

This is how it went:

 

1. Received vested options in April 2017 

2. End of vested options in November 2018 (end of contract)

3. Expiration in Feb 2019

4. Paid out income from options due to company merge in Dec 2019 and April 2019.

 

How do I declare this on my tax return the best and fairest way possible? 

 

Thank you.

 

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 1

Hi @Happyapple312,

 

Thank you for your reply. In relation to your shares they are classed under Employee Share Scheme (ESS).  There is a conversion calculator on our website you can use. You may need to contact us for further assistance with cost base calculations.

 

Staff are working extended hours so you may call M-F 8am -10pm and on the weekend 10am-4pm in your local state.

 

Hope this helps.

 

Regards,

Jodie2.

 

 

 

 

4 REPLIES 4

Community Support

Replies 3

Hi @Happyapple312

 

If you see Work out the correct treatment of rights or options it will help you determine the right approach. If it is a capital gain event then put simply your determining the cost base, applying any applicable discounts and then establishing the net gain which is reported at the CGT label in myTax.

Newbie

Replies 2

Hi 

 

 

To be able to calculate it the right way what exchange rate should I use and from what date when I did buy shares? I did buy in USD and need convertion in AUSD. I am trying to find information on this but can't find anything. 

 

Thank you again.

 

Most helpful response

ATO Community Support

Replies 1

Hi @Happyapple312,

 

Thank you for your reply. In relation to your shares they are classed under Employee Share Scheme (ESS).  There is a conversion calculator on our website you can use. You may need to contact us for further assistance with cost base calculations.

 

Staff are working extended hours so you may call M-F 8am -10pm and on the weekend 10am-4pm in your local state.

 

Hope this helps.

 

Regards,

Jodie2.

 

 

 

 

Newbie

Replies 0

Thank you Jodie2. 

 

I will contact you as per suggestion as it's not easy to find the right answers. Also thx for advising on ESS. I had read about but wasn't too sure if I would fall under this sheme, but regarding I received options via my previous employer it makes sense. 

 

Regards,

Happyapple312