
31/05/2023
Welcome news for foreign property investors in NSW as Revenue NSW removes foreign owner surcharge land tax and surcharge purchaser duty effective immediately, with refunds backdated to 1 January 2021. UPDATE – 29/05/23 On 29 May, Revenue NSW released an update on the foreign owner surcharge, following their announcement on 21 February. Revenue NSW identified […]
24/05/2023
The 2023/24 State Budget delivered by the Victorian Government seeks to repay COVID-19 debt through taxing big business and property investors. Temporary levies and job cuts are central to the 10-year fiscal repair plan which are set to impact business and employment. Key takeaways Larger businesses and landlords will have to pay additional taxes to […]
22/05/2023
For companies with R&D activities, applications for Advance and Overseas Findings must be lodged before the end of the income year. For companies with a June year-end, this means the Application deadline for activities conducted in the 2023 income year is 30 June 2023. What is an Advance Finding? An Advance Finding is a decision […]
22/05/2023
The ATO have upcoming reporting obligations affecting those offering employee share schemes (ESS). Find out how the CTS ESS Toolkit, our ATO-approved software can simplify your reporting obligations. ATO reporting obligations The Australian Taxation Office (ATO) have reporting obligations in place, affecting employers who issue shares or share options to their employees. The deadlines to comply […]
22/05/2023
Australia’s rental crisis is set to be tackled head-on by the Albanese government, which has proposed incentives to boost housing supply through build-to-rent (BTR) developments in the recent Federal Budget. According to the budget papers, for eligible new BTR projects where construction commences after 9 May 2023, the government will : increase the depreciation rate […]
15/05/2023
The Australian Government has released draft legislation with changes to Country-by-Country (CbC) reporting for large multinationals that would see previously confidential details made public. In the October 2022-23 Federal Budget, the Australian Government announced its intention to implement public CbC reporting measures to enhance transparency, and improve comparability and accessibility of tax information. The Government […]
10/05/2023
With increased globalisation and digitalisation creating growing concern about tax avoidance by multinationals, the OECD Two-Pillar approach aims to address international corporate tax challenges. In the 2023-24 Budget, the Government announced the implementation of a 15 per cent global minimum tax and domestic minimum tax, key aspects of Pillar Two of the OECD/G20 Two-Pillar Solution […]
09/05/2023
Last night, the Federal Budget for FY23/24 was handed down by Treasurer Jim Chalmers. The Federal Government delivered a cost of living plan, promising it will not increase inflation. The budget included key measures for energy & resources, SMEs and healthcare with hospitality, tourism and property missing out. Did you miss out on our Federal […]
05/05/2023
Exposure Draft Bill released by Australian Treasury denying SGEs deductions for payments attributed to intangible assets in low tax jurisdictions. The Exposure Draft Bill (the draft Bill), released on 31 March 2023, proposes a new anti-avoidance rule to deny deductions for payments attributed to intangible assets located in low corporate tax jurisdictions. Significantly, the changes […]
26/04/2023
The Government has released draft thin capitalisation law changes proposed to commence from 1 July 2023. If enacted, this may have a substantial impact on some property funds. We recommend that all fund managers review their funds’ existing financing arrangements immediately to understand how the proposed rules impact interest deductions. For further details of the […]