15/03/2024
China is proposing mandatory sustainability reporting for listed companies, potentially impacting Australian subsidiaries of Chinese firms and Australian investors. Draft guidelines unveiled in February mandate sustainability reporting for companies listed on the Shanghai, Shenzhen, and Beijing Stock Exchanges. This move aligns with global trends as jurisdictions worldwide increasingly require sustainability and climate related reporting. Guideline […]
13/03/2024
The decision in AusNet Services Limited v Commissioner of Taxation [2024] FCA 90 has been handed down and could be a win for taxpayers with its impact on the ‘nothing else’ criteria for CGT rollover relief. AusNet Services Limited faced a distinct challenge in trying to extricate themselves from a previously chosen rollover relief election, […]
27/02/2024
Recently, the Treasury released a revised exposure draft (ED) proposing to require certain large multinational enterprises to publicly report selected tax information on a country-by-country basis effective on or after 1 July 2024. On 12 February 2024, the Treasury released the revised exposure draft (ED) and explanatory materials (EM), collectively referred to as ‘Revised Draft […]
13/02/2024
The Practical Compliance Guideline (PCG) 2024/1 (the Guideline) has been released with ATO poised to dedicate resources towards scrutinising cross-border related party intangible arrangements. As a result taxpayers will face increased disclosure and self-evidence requirements. After a nearly three-year wait[1], the ATO finalised the risk guideline targeting cross-border related party arrangements (collectively referred to as […]
06/02/2024
The ATO has released a new draft tax ruling (TR 2024/D1) on the character of software arrangements for public consultation. This outlines the Commissioner’s view as to when payments would fall under a software arrangement and are subject to royalty withholding tax. The over-arching view remains that payments made for vast majority of software arrangements […]
22/01/2024
The ATO has further updated their website to assist Not-for-profits (NFPs), including sporting clubs, prepare in advance of lodging their first online NFP self-review return for the 2023-24 income year. The NFP self-review return will be available from the Online Services section of the ATO website from 1 July 2024. It will be due for […]
22/01/2024
The Australian government has proposed a new bill that would require certain entities to prepare annual sustainability reports, aiming to enhance the transparency and comparability of climate-related information. Introduction To improve the disclosure and accountability of climate-related matters the Australian government’s final Policy statement proposes to mandate certain entities follow the new sustainability reporting standards […]
15/12/2023
The ATO website has been updated to advise Not-For-Profits (NFPs), including sporting clubs, that they are required to lodge their first NFP self-review return for the 2023-24 income year, between 1 July and 31 October 2024. First announced in the 2021 Federal Budget, NFP’s including sporting clubs, societies and associations, with an active Australian business […]
14/12/2023
The Meakins case examines the deductibility of holding costs for vacant land. The findings emphasise the importance of demonstrable, income-generating activities to support tax deduction claims on vacant land, offering crucial insights for property investors and taxpayers. The recent Administrative Appeals Tribunal (AAT) case Meakins and Commissioner of Taxation [2023] AATA 3852 (Meakins), highlights its […]
12/12/2023
Increased costs for foreign property investors will aim to improve the availability and affordability of homes for Australians. Foreign investors will face higher taxes on existing properties meanwhile the Federal Government will incentivise ‘Build-to-Rent’ projects by setting fees at the lowest commercial rate. On Sunday 10 December, the government announced property tax changes to penalise […]