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Proposed changes to public Country-by-Country reporting 

15/05/2023

The Australian Government has released draft legislation with changes to Country-by-Country (CbC) reporting for large multinationals that would see previously confidential details made public.  In the October 2022-23 Federal Budget, the Australian Government announced its intention to implement public CbC reporting measures to enhance transparency, and improve comparability and accessibility of tax information.   The Government […]

Major international tax reform with OECD Two-Pillar approach

10/05/2023

With increased globalisation and digitalisation creating growing concern about tax avoidance by multinationals, the OECD Two-Pillar approach aims to address international corporate tax challenges. In the 2023-24 Budget, the Government announced the implementation of a 15 per cent global minimum tax and domestic minimum tax, key aspects of Pillar Two of the OECD/G20 Two-Pillar Solution […]

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 […]