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Schools Tax Guide

24/11/2020

Navigating tax matters in a changing environment can be seen as an intricate process for schools. We discuss the three key tax areas that could affect your school and explain how ShineWing Australia can assist with relieving the pressures associated with these issues. Fringe Benefits Tax Fringe Benefits Tax (FBT) is a complex area when […]

China to ease access to capital markets for foreign investors

16/10/2020

Following changes signaled last year, China’s financial regulators recently announced new measures that will further open up capital markets to foreign investors. Investor door opening The Qualified Foreign Institutional Investor program (QFII) and the Chinese yuan-denominated Renminbi Qualified Foreign Institutional Investor program (RQFII), implemented in 2002 and 2011 respectively, allow foreign institutional investors to trade […]

Proposed changes to corporate tax residency

09/10/2020

Proposed changes to the corporate tax residency rules announced in the Federal Budget aim to return the rules to where they were before the Bywater case ruling. The Government announced in the 2020/21 Federal Budget that it will be amending the current corporate tax residency test in response to the Board of Taxation’s recommendations. The […]

Commercial tenant and landlord relief update - Victoria

01/10/2020

Following the Premier’s announcement in August 2020 regarding the intention to extend and modify the Regulations applicable to rent relief for commercial tenancies, the Victorian Governor in Council published the Amendments on 29 September 2020. As an update to our previous alert regarding commercial tenant and landlord relief, the following Regulations and Amendments are now […]

Foreign Investment Review Board updates to Guidance Note 47 on tax structures

30/09/2020

The Foreign Investment Review Board (FIRB) is required to consider the tax structure of an investment proposal when determining if the proposal is contrary to the Australian national interest. Tax Guidance Note GN 47 requires FIRB to consider the impact the investment proposal would have on Australian tax revenues and the integrity of the Australian […]

Wage theft criminalised in Victoria

30/09/2020

Consider the related financial, reputational and compliance risks for your business. On 1 July 2021 wage theft became a crime in Victoria. The Wage Theft Bill 2020 creates new employee entitlement offences, comprising wage theft offences and new record keeping offences. It is designed to capture employers who falsify or fail to keep records for […]

Independent probity advisory services

24/09/2020

The Government has committed $50 million over two years from 2020-21 to 2021-22 for the Revitalising TAFE Campuses Across Australia program, in partnership with state and territory governments. This initiative aims to improve vocational education infrastructure ensuring TAFEs are equipped to deliver training to the standards expected by industry and students. Independent probity services We […]

TEQSA Financial Viability Assessments

24/09/2020

The Tertiary Education Quality and Standards Agency (TEQSA) has mandated the provision of more financial data as part of its Financial Viability Assessments for education providers. What is required? As part of the Financial Viability Assessments, TEQSA requires education providers to submit the financial management accounts to 30 June 2020, which includes: Balance Sheet as […]

Taxation Determination 2020/07

23/09/2020

The Commissioner has finalised the ATO’s view in Taxation Determination 2020/7 confirming that capital gains are not included when calculating the Foreign Income Tax Offset (FITO) limit. Application of the law The FITO limit is determined by section 770-70 of the ITAA 1997, requiring a comparison between Australian tax payable and Australian tax that would be […]

Grant alert: Wine Tourism and Cellar Door Grants

21/09/2020

Annual grants of up to $100,000 are available to eligible wine and cider producers who foster wine tourism. The Wine Tourism and Cellar Door Grant program has been introduced to support producers who add value by encouraging visitors to wine regions and therefore encourage wine tourism. For each financial year, total funding of $10 million […]