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NAB stablecoin, plans & regulation | SW talks to Howard Silby

31/03/2023

National Australia Bank (NAB) recently announced the launch of its stablecoin, AUDN, which is backed by the Australian dollar. The move comes amid the exponential growth in digital payments, ownership, and trading in cryptocurrency, stablecoins, and other digital assets in Australia over the last few years. In a recent conversation with Danny Armstrong, NAB’s Chief […]

Greg Will talks to media about current issues for Australian businesses

29/03/2023

Greg Will, SW Director and specialist business advisor, talks to Mike Loder, the host of Ticker News, about a recent report on how Australian small and medium sized enterprises (SMEs) are performing in the current economic climate. The report was conducted in partnership with Small Business Australia, a respected advocacy group for SMEs, to identify […]

New thin capitalisation regime details released

23/03/2023

The Australian Treasury released Exposure Draft legislation aimed at strengthening Australia’s thin capitalisation (thin cap) rules. The Government is seeking feedback on the Exposure Draft which also proposes to disallow interest on debt used to fund foreign companies.   The Exposure Draft, released on 16 March 2023, is in line with the Government’s commitment to address […]

Government proposes changes to tax concessions for large superannuation balances

10/03/2023

In the lead-up to the May budget, the Albanese Government has announced a major change to taxes on superannuation earnings for balances over $3 million. Current superannuation taxes An individual’s retirement savings, held in a complying superannuation fund, is subject to concessional taxation on earnings of income and capital gains. The extent of the tax concession […]

ATO updates Top 500 private groups tax program: how it affects your business

10/03/2023

The Australian Taxation Office (ATO) has updated its guidance on effective tax governance for the Top 500 private groups in Australia. The Top 500 program focuses on preventive action, and its key concept is ‘Justified Trust,’ which ensures confidence in the community that the largest private groups are paying the correct amount of tax. To […]

Gaming machine money laundering: What do operators need to do to comply with AML/CTF Laws

07/03/2023

Poker machine money laundering is in the spotlight again after concerns around serious and organised criminals targeting pubs and clubs to launder money. With the news regarding SkyCity, AUSTRAC has cited ‘systemic failures’ in the operator’s anti-money laundering and counter-terrorism financing (AML/CTF) programs, particularly regarding the failure to have a transaction monitoring program and to […]

Ampol settles ATO tax dispute over offshore procurement hub: Key takeaways for transfer pricing compliance

07/03/2023

Ampol Limited, formerly Caltex Australia, has settled a transfer pricing dispute with the Australian Taxation Office (ATO) for $157 million. Ampol Group (Ampol) is an Australian energy company that operates in the fuel and convenience retail sector. Its subsidiaries in Singapore (Ampol Singapore) serve as a trading and shipping arm of the group, sourcing refined […]

FBT record keeping relief for employers – ATO draft changes

01/03/2023

For employers lodging fringe benefits tax (FBT) returns, the volume of declarations and record keeping documentation is arduous and ongoing. Last week the Australia Taxation Office (ATO) issued four draft instruments that aim to reduce this. The draft legislative instruments specify acceptable alternative record-keeping obligations (other than an employee declarations) in respect of expense payment […]

1 in 3 SME’s will struggle to meet their financial commitments in 2023 report

01/03/2023

SW Accountants & Advisors and Small Business Australia sentiment survey reveals alarming insights into the struggles and hardships faced by SME’s. A ‘Small Business Sentiment’ survey conducted by SW Accountants & Advisors in partnership with Small Business Australia has revealed insights into the struggles and hardships faced by SMEs in Australia, with 30% of the […]

Work from home – ATO revised deduction methods

22/02/2023

On 16 February 2023, the Australian Taxation Office (ATO) released a new guide, Practical Compliance Guide 2023/1 (PCG 2023/1), which revises the methods by which taxpayers can calculate deductions for costs incurred when working from home (WFH). One of the significant changes introduced by the ATO is the discontinuation of the 80 cents per hour […]