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Australia’s Patent Box Incentive – What are we expecting?

22/03/2022

As we await the passing of the eagerly anticipated Patent Box legislation, SW looks at the current details for eligible medical or biotechnology patents, who can benefit from the regime, and how it is expected to encourage innovative R&D investment in Australia. It has become increasingly important for Australia to attract for R&D investment on […]

Employee Share Schemes: Deductibility of expenses

08/03/2022

While draft ATO determination rules out immediate tax deductions for fees incurred to establish an employee share scheme, ongoing associated expenses may remain deductible. On 23 February 2022, the Commissioner released Draft Determination TD 2022/D2, addressing the deductibility of expenses incurred when establishing and administering an Employee Share Scheme (ESS). The Commissioner has stated expenses […]

Trust distributions - the game has changed

24/02/2022

On 23 February 2022 the Commissioner released three draft administrative pronouncements and one Taxpayer Alert which could significantly impact on trust distributions and how they are taxed.   The contents of these pronouncements are both voluminous and complex and are still being digested, but essentially relate to the Commissioner’s views on the operation of two integrity […]

Guardian case - section 100A win for the taxpayer

23/02/2022

In December 2021, the Federal Court handed down its decision in Guardian AIT Pty Ltd ATF Australian Investment Trust v Commissioner of Taxation [2021] FCA 1619. The court found in favour of the taxpayer in relation to the application of section 100A. There is little guidance around the application of section 100A particularly in respect […]

What can you claim working from home?

22/02/2022

As we continue to work from home and emerge from Covid-19, many employers will continue to provide a hybrid working arrangement for employees, that is, a mix of working from home (WFH) and working from the employer premises. Careful consideration, planning and record keeping should be undertaken throughout this financial year in respect of work […]

Employee or contractor? High Court decisions

22/02/2022

On 9 February 2022, The High Court of Australia delivered two long-awaited decisions to confirm the primacy of the written agreement and the importance of contractual terms when determining whether a worker is an employee or independent contractor. This has highlighted a shift away from the checklist type multi-factorial test, where a valid agreement exists. […]

Innovations & regulation – the future of crypto

11/02/2022

As cryptocurrency moves beyond the periphery of financial services into the mainstream, most people now understand the basics of crypto, but its independence from regulated systems and the pace of its evolution remain problematic for governments. Since the first transaction of bitcoin in 2009, new cryptocurrencies, networks, platforms and brokers have been established and continue […]

NSW extends COVID-19 support for SMEs

11/02/2022

The NSW Government has recently announced new or extended COVID-19 support measures for small and medium businesses. The 2022 Small Business Support Program The new program is intended to help NSW businesses survive the immediate impact of the COVID Omicron variant wave. Eligible businesses with a turnover of between $75,000 and $50 million that experienced […]

Commercial tenant relief update - Victoria

04/02/2022

The Commercial Tenancy Relief Scheme Regulations 2022 (Regulations) have been released, providing relief for eligible tenants from 16 January 2022 to 15 March 2022. Eligibility Tenants who are ‘small entities’ may be eligible. A $10m turnover threshold applies, which is based on the year ended 30 June 2021 in most cases. This is lower than […]

How much money do you need to start an SMSF?

01/02/2022

Self Managed Super Funds (SMSFs) are not for everyone, but for those individuals where an SMSF is entirely appropriate for them, the benefits can be considerable. In the context of ongoing public debate regarding the appropriate minimum size for an SMSF, new research has been provided to provide insights into the true costs of running […]