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Federal Budget overview 2023/24 - May

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 […]

Australian Treasury denies SGEs deductions for payment relating to intangibles

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 […]

SW's International Cool Climate Wine Show video series

02/05/2023

Meet winemaking experts and discover how cool climate wine is made in Australia. The International Cool Climate Wine Show video series, produced by SW, showcases the unique features of Australia’s cool climate wines. Throughout the series we will be interviewing renowned winemakers and other stakeholders in the industry, hearing their war stories and hidden gems […]

Property funds to be impacted by proposed thin cap 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 […]

Senator Bragg proposes Digital Assets Bill to parliament

06/04/2023

Citing a lag in action from the current Federal Government, Senator Andrew Bragg introduced a Private Senator’s Bill to Parliament on 29 March 2023 to progress Australia as a leading jurisdiction for crypto asset regulation. The Digital Assets (Market Regulation) Act 2023 follows Senator Bragg’s earlier draft, proposed in September 2022. It proposes a licensing […]

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 […]