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Reminder: Country-by-Country reporting deadline is coming

25/01/2022

Deadline is 4 February 2022 (in lieu of 31 December 2021). Failure to lodge can lead to Country-by-Country reporting entities being penalised up to $555,000 (per file). Who is affected? Country-by-Country reporting entity (CbCRE) with a 12-month income year ended 31 December 2020 CbCRE with a replacement reporting period ended 31 December 2020. Why is […]

Transfer Pricing: Singapore Telecom v Commissioner of Taxation

18/01/2022

Another win for the ATO on transfer pricing litigation involving inbound related party financing. Singapore Telecom Australia Investments Pty Ltd v Commissioner of Taxation [2021] FCA 1597 On 17 December 2021, the Federal Court of Australia (the Court) decided in favour of the ATO against STAI in a transfer pricing dispute involving the pricing of […]

Mental Health & Wellbeing Levy

30/11/2021

The Mental Health and Wellbeing Levy will fund a complete rebuild of the mental health program in Victoria. This will be implemented as a payroll tax surcharge and come into effect from 1 January 2022. What is the Mental Health and Wellbeing Levy? The Mental Health and Wellbeing Levy was a recommendation of the Victorian […]

AUSTRAC assesses Money Laundering and Terrorism Financing risks for the Australian banking sector

17/11/2021

AUSTRAC has produced four risk assessments for Money Laundering and Terrorism Financing (ML/TF) in the Australian banking sector for major domestic banks, other domestic banks, foreign subsidiary banks and foreign bank branches in Australia. Following engagement with bank representatives and industry experts, and analysis of transaction reports and partner agency intelligence reports, the four new […]

Temporary full expensing of depreciating assets

11/11/2021

Over the last year, the immediate expensing of assets for tax purposes has been subject to a raft of changes and extensions owing to the impact of COVID-19. Updated 10 June 2021 (including announcements in the 2021/22 Federal Budget) In this alert, our tax experts have detailed the key dates and conditions of eligibility for the […]

Cents per kilometre reduction rate for car expenses

10/11/2021

From 1 July 2020, the cents per kilometre deduction rate for car expenses will rise to 72 cents per kilometre (previously 68 cents). The new rate will apply until such time that the commissioner determines that a change to the rate is necessary and continues to apply to the 2022 tax year. The cents per […]

JobKeeper payment disclosure

27/10/2021

As a result of ongoing political tensions related to the Government’s management of the JobKeeper payment, the Senate used an otherwise unrelated bill to drive debate over disclosure requirements for publicly listed entities which received the JobKeeper payments in 2020 and early 2021. On 13 September 2021, the Treasury Laws Amendment (2021 Measures No. 2) […]

Director Identification Numbers

26/10/2021

As of November 2021, all company directors will need to apply for a Director identification number (Director ID). This is part of new requirements implemented by the Australian Government. A Director identification number is a unique identifier and has been introduced to prevent the false or fraudulent use of directors’ identities. Who needs to Apply […]

Victorian Universities - Windfall gains tax & changes to charity land tax exemption

15/10/2021

Changes to charity land tax exemption to increase University land tax bills. The recently released Windfall Gains Tax and State Taxation and Other Acts Further Amendment Bill 2021 has introduced Victoria’s new Windfall Gains Tax and included changes to the charity exemption for land tax. This should be considered closely by Universities that hold land […]

Windfall gains tax

14/10/2021

After being deferred 12 months from the original Victorian Budget announcement, the windfall gains tax (WGT) will come into effect on 1 July 2023. This applies to uplifts in land value resulting from amendments to planning schemes that take effect on or after 1 July 2023 and is payable by the owner of the land […]