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Uniform Grants Guidance | proposed updates

31/10/2023

The US Federal Government is proposing a fundamental update of the Office of Management and Budget’s Uniform Grants Guidance. How do these changes impact your organisation? The Office of Management and Budget (OMB) have issued pre-released proposed changes to Uniform Grants Guidance on the 21 September 2023 for public comment. The guidelines are issued to […]

Exposure Draft issued for Australia's first Sustainability Reporting Standards

27/10/2023

Australia’s first sustainability reporting standards are out! The Australian Accounting Standards Board (AASB) has issued the much anticipated exposure draft (ED). The exposure draft contains Australian Sustainability Reporting Standards (ASRS) 1 and 2, both of which focus on disclosure of climate-related financial information. This approach contrasts with the approach taken by the International Sustainability Standards […]

Securing your family's financial future - Now is the time for open conversations

27/10/2023

Open conversations about financial legacies are crucial, especially in a diverse generational landscape, to ensure a smooth wealth transfer and empower the next generation with financial management skills. In an era defined by a diverse generational landscape, the significance of preparing the financial legacy for future generations cannot be overstated. From Builders to Gen Alpha, […]

Thin capitalisation reforms – changes to Bill released  

26/10/2023

Treasury has released for public comment an exposure draft of changes to the proposed thin capitalisation reforms.  The proposed changes do not go as far as many would have hoped, but certainly include some welcome amendments in relation to trusts.    Significant reforms to the thin capitalisation regime were introduced in the Bill1 into the House […]

ATO updates on Next 5,000 Program for private groups

25/10/2023

The ATO has released areas of focus for privately owned and wealthy taxpayers in the Next 5,000 program. Certain taxpayers will face more comprehensive reviews depending on their risk profile. The key findings found in the Next 5,000 population were that most had informally documented tax governance-like processes and controls in place. The ATO is […]

Payday Super - Consultation crucial to avoid an administrative and penalty minefield

25/10/2023

Increased administration and difficult deadlines will be a strong focus of employer and stakeholder concerns as consultation opens on Treasury’s broad design plans for Payday Super.  As part of the 2023-24 Budget, the Federal Government announced that from 1 July 2026, super must be paid on payday, a change that will contribute towards a ‘dignified […]

Simplification in FBT Record-Keeping | Update

24/10/2023

The Australian Taxation Office (ATO) has introduced five further legislative instruments aimed at reducing Fringe Benefit Tax (FBT) record-keeping obligations.  This is in addition to the four draft legislative instruments that we discussed in our earlier alert from March 2023.   While the earlier legislative instruments focused on travel benefits, these new instruments broaden the scope […]

Update on $3m super balance tax

11/10/2023

The Treasury released the highly anticipated draft legislation on superannuation. This affects superannuation balances above $3m with an increase in tax rate from 15% to 30% from 1 July 2025. Notably, the draft legislation allows negative earnings to be carried forward and offset against future years. Otherwise the Treasury’s proposal is largely unchanged from the […]

Division 7A UPEs | Bendel decision challenges ATO’s views

10/10/2023

The decision in Bendel1 could have significant implications to Division 7A application, challenging the Commissioner’s long-standing position to treat unpaid present entitlements (UPEs) as loans. The Commissioner’s view is that where a company beneficiary of a trust has an UPE, this entitlement will generally be treated as a loan for Division 7A purposes, if it […]

Tax deductions for self-education expenses

09/10/2023

The ATO has issued a new draft ruling which outlines and provides examples for when tax deductions for self-education expenses are available to individuals. While the draft Ruling does not introduce significant changes, it provides greater clarity by detailing factors and examples that can be considered. Each taxpayer’s situation will determine the deductibility of their […]