Early stage innovation companies (ESICs) are required to report on any qualifying investments made in their company in the 2018-19 financial year by 31 July 2019.
This report is required to provide validation of the investment an investor made during the prior financial year. The company who received the investment is required to lodge the report with the ATO by the deadline.
How to submit an early stage innovation company report
The process is relatively straightforward. An ESIC who received investment from an eligible investor can submit the report via an online form through the ATO’s Business Portal or through your tax agent’s ATO portal.
What’s required to submit an early stage innovation company report?
To complete the report the following information needs to be collected from the investor:
- ABN, name and address for the investor (including the date of birth for investors that are individuals)
- number of new shares issued to the investor
- amount paid for the new shares
- date the shares were issued
- percentage of shares in the company held by the investor immediately after the shares were issued.
For more information, see the ATO’s Business Portal help page.
Seeking more information about ESIC?
If you're an early stage company and unsure if you qualify as an ESIC you can find out here.
If you know of an accelerator that would like to become ESIC verified, we can help, get in touch to learn more.