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China ceases VAT exemption for remote learning

01/06/2021

The Chinese Tax Authorities have announced that the VAT concessions advised as part of the response to the COVID-19 pandemic will be ending on 31 March 2021. Further to the article below we have been advised that the latest interpretation by a number of local Chinese tax authorities is that: “Chinese VAT will not apply […]

ATO draft guidance on Intangibles Arrangements between related parties

01/06/2021

The Australian Taxation Office released draft Practical Compliance Guideline 2021/D4 on 19 May 2021 (Draft PCG), outlining how international arrangements connected with the development, enhancement, maintenance, protection, and exploitation (DEMPE) of intangible assets and/or migration of intangible assets (Intangibles Arrangements) will be assessed. Intangibles Arrangements is the long-awaited and last tranche of ATO’s focus areas […]

Payment times reporting scheme

31/05/2021

The Australian Government commenced the Payment Times Reporting Scheme on 1 January 2021 with the aim to improve payment times for Australian small businesses. Large businesses (annual income $100m+) need to report their small business (<$10m annual turnover) payment terms and times. The regulator is the Department of Industry, Science, Energy and Resources and the first […]

Superannuation rates and thresholds increase from 1 July 2021

27/05/2021

The latest AWOTE details released by the ABS have been used to calculate the following superannuation rates and thresholds for 2021-22. Contribution caps The concessional contributions cap is set to increase to $27,500 (up from $25,000 since 2017-18). As the concessional cap is now only indexed in $2,500 increments, the AWOTE index was (finally) sufficient […]

Latest mining accounting technology

24/05/2021

Like most other technology, a great deal has changed over the 10 years that I’ve been working with cloud accounting software – ease of use and set-up, breadth and speed of real-time financial visibility, and most significant of all, cost. During this time, I’ve specialised in migration and software adoption, guiding and assisting dozens of […]

2021 Employee Share Scheme Reporting

24/05/2021

The Australian Taxation Office (ATO) has reporting obligations in place affecting those who offer employee share schemes. Find out how our ATO-approved software can simplify your reporting obligations. ATO reporting obligations The Australian Taxation Office (ATO) have reporting obligations in place, affecting those who offer shares or share options to their employees. The deadlines to […]

SPIC Pacific Hydro Pty Ltd v Chief Commissioner of State Revenue

10/05/2021

SPIC Pacific Hydro Pty Ltd v Chief Commissioner of State Revenue was a decision of a single judge of the Supreme Court (Payne JA) handed down on 21 April 2021. The case involved the acquisition by SPIC on 12 May 2016 of the shares and units in the entities operating the Taralga Wind Farm. The […]

South Australian Land Tax - Trust nomination

06/05/2021

Reminder: 30 June 2021 deadline to nominate beneficiary for discretionary trusts holding South Australian land acquired pre-16 October 2019. As part of the measures introduced in The Land Tax (Miscellaneous) Amendment Act 2019 (Amending Act),  surcharge rates (0.5% higher than marginal rates applied to non-trusts holdings) of land tax will be imposed on certain types […]

Education Update - Victorian land tax exemption for student accommodation

08/04/2021

The University of Melbourne has successfully argued that land tax is not payable with respect to land, situated on campus, that is leased to a student accommodation provider. Background The University of Melbourne (the University) entered into a number of agreements including the Project Deed, an agreement for lease, and an operator’s side deed between […]

Grant alert - Food to market program

01/04/2021

The Victorian Government is offering grants of up to $1m to businesses in agriculture supply chains to increase supply chain efficiency, grow existing & new export opportunities, increase value to Victorian food production and encourage collaboration throughout the sector. Grants are offered on a 1:1 funding basis, with grants of $50,000 to $1m available. Grant […]