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Employees vs Contractor ATO risk ratings now out

16/12/2022

The ATO has released two draft publications that focus on employee vs contractor classification for tax and superannuation purposes. Correct classification of an employee is important to ensure that both the business and the worker satisfy their tax and superannuation obligations correctly. On 15 December 2023, the ATO released the following two draft publications for […]

Supporting Small Business | Technology Investment Boost and Skills & Training Boost 

07/12/2022

On 23 November 2022, the Treasury Laws Amendment (2022 Measures No. 4) Bill 2022 was introduced in the House of Representatives to implement the Technology investment boost and Skills and training boost, following measures previously announced as part of the 2022-23 Federal Budget to support small business entities. Latest update The Technology Investment Boost and […]

RCTI changes include GST verification for every issue

05/12/2022

The Commissioner of Taxation (the Commissioner) has proposed changes to the requirements that a recipient must satisfy to issue a Recipient Created Tax Invoice (RCTI).  The proposed changes are detailed in draft Legislative Instrument LI 2022/D15 (the Draft) which has been released for public consultation.  The Draft is intended to replace 51 separate Legislative Instruments […]

Electric Car Discount Bill passed to exempt EV from FBT

02/12/2022

As the calendar year comes to an end, we get closer to the FBT year-end.  This year we have seen two key changes that employers need to be aware of as they may impact their FBT Returns.  Electric Vehicles and FBT  On 25 November 2022, the Australian Government passed the Treasury Laws Amendment (Electric Car […]

Clubs - Update on new self-review requirement for income tax exemption

23/11/2022

From 1 July 2023, clubs seeking to maintain their income tax exempt status will be required to lodge an online Annual Self-Review Form with the ATO (Australian Tax Office). In the 2021 Federal Budget, the former Government announced that it was providing $1.9m to build an online system to enhance the transparency of income tax […]

Child Safe Standards

16/11/2022

SW has expert knowledge and understanding of the Child Safe Standards to help ensure your organisation is satisfying the new Standards. We have undertaken numerous independent reviews of compliance with the Child Safe Standards to assist organisations identify, check and update documents and processes to meet the new Standards. Updates to the Child Safe Standards […]

Concessions provided to foreign universities to operate in India

27/10/2022

In a recent policy update, the Government of India issued regulations enabling Foreign Educational Institutions to establish an International Branch Campus (IBC) or Offshore Education Centre (OEC) in International Financial Services Centres (IFSC) in the Gujarat International Finance Tec-City (GIFT City) in India. This much anticipated legislation is welcome news for Australian universities looking to […]

Federal Budget overview 2022/23 - October

25/10/2022

Treasurer Jim Chalmers handed down our second Federal Budget for FY2022-23 last night. The Labor Party’s first Budget showed spending restraint amidst rising inflation with key investment areas including education, infrastructure and energy & resources. With the change of government, there was great anticipation on the updated Federal Budget. However, this Budget may not provide […]

ATO provides examples to illustrate Tax Residency for Individuals rules

24/10/2022

On 6 October 2022, the ATO released a Draft Ruling TR 2022/D2, which provides some clarification of the ATO’s view of individual tax residency and the relevant tests.  With the increase in flexible working alternatives, changes in international working arrangements, the uncertainty surrounding COVID-19 and the border restrictions that have been put in place over […]

Trusts & section 100A | Commissioner draws first blood

29/09/2022

On 19 September 2022, the Federal Court (single Judge) handed down a decision on section 100A of the Income Tax Assessment Act 1936 (ITAA36) which supports the expansive interpretation in the ATO’s draft guidance (Taxation Ruling TR 2022/D1) released in February this year. There are a number of cases pending in relation to this controversial […]