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Navigating tax implications of holding vacant land

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 […]

New foreign property investment rules to combat housing crisis

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 […]

FBT implications for Christmas parties & gifts

08/12/2023

With the festive season in full swing, businesses are celebrating their achievements and expressing appreciation for their employees. Ensure you consider the Fringe Benefits Tax (FBT) effects to prevent unexpected FBT costs. Christmas celebrations are a wonderful way to end the calendar year, reflect and celebrate with your team. Find out if your Christmas events […]

More thin capitalisation reforms - changes to Bill released

07/12/2023

The further thin capital amendments are a step in the right direction for significant multinational tax reform. However, more still needs to be done to ensure the Bill is a targeted and measured response to the issue of base erosion.  The government has introduced more amendments to the thin capitalisation and debt deduction creation rules […]

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 […]