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Deductibility of fees for financial advice | New ATO tax determination

11/10/2024

The Australian Taxation Office (ATO) has published Taxation Determination TD 2024/7, confirming the Commissioner’s view on the circumstances under which individuals who are not carrying on an investment business can claim a deduction for fees paid for financial advice. On 25 September, the ATO released Taxation Determination TD 2024/7 in relation to the deductibility of […]

From legislation to action: Australia’s sustainability reporting standards finalised

30/09/2024

The Australian Accounting Standards Board (AASB) has approved new sustainability reporting standards aligning with mandatory climate reporting legislation. These standards create a framework for large Australian companies to disclose their sustainability practices. Introduction Following the passage of the legislation by the Australian Parliament, the AASB approved two inaugural sustainability reporting standards modelled after international guidelines […]

ATO draft Practical Compliance Guideline PCG 2024/D2: Impact on personal services income

26/09/2024

The ATO has released a draft Practical Compliance Guideline, PCG 2024/D2 (PCG) which outlines how general anti-avoidance rules apply to personal services income (PSI) earned through a personal services entity (PSE) operating as a personal services business (PSB). The PSI rules were enacted to ensure that income derived by a PSE would be taxed to […]

Australian Parliament passes mandatory climate reporting legislation

13/09/2024

Both houses of the Australian Parliament have now passed mandatory climate reporting legislation, with a new bill that will require large companies to prepare annual sustainability reports. With the aim to enhance the transparency and comparability of climate-related information. Introduction To enhance the transparency and accountability of climate-related matters, on 9 September 2024, the Australian […]

Victorian Government introduces 7.5% short stay levy to Parliament

11/09/2024

Short stay booking platforms and owners of short stay accommodation should be aware of the new tax commencing from 1 January 2025. On 27 August 2024, the Victorian Government released the Short Stay Levy Bill 2024 (Vic). The Bill introduces a levy of 7.5% on booking fees for providers of short stay accommodation from 1 […]

Super Guarantee | Jockeys held to be employees of racing clubs

02/09/2024

The Administrative Appeals Tribunal (AAT) ruled that jockeys racing for various NSW horse racing clubs are employees under the Superannuation Guarantee (Administration) Act 1992 (SGAA), requiring each club to make super contributions on riding fees paid to the jockeys. This decision is reflected in 5 separate applications by 5 horse racing clubs (Armidale Jockey Club, […]

ATO appeals to High Court after reversal of PepsiCo decision 

30/08/2024

The ATO has sought special leave to appeal to the High Court, following the decision in Full Federal Court (by a 2 – 1 majority) in PepsiCo, Inc v Commissioner of Taxation [2024] FCAFC 86, which overturned the single decision that ruled in favour of the Commissioner’s position.   The High Court decision when released, is significant […]

Scams Awareness Week 26 - 30 August 2024

28/08/2024

We are seeing an ever-increasing number of scams. According to the Australian National Anti-Scam Centre over 21,000 scams were reported in just the month of July 2024, totalling over $25M in losses. Around 80% of reported scams are via e-mail. We are aware of scammers targeting myGov accounts for ATO scams. The ATO have provided […]

Oliver Hume appeal decision

23/08/2024

The Victorian Court of Appeal has dismissed the taxpayers Oliver Hume’s appeal and affirmed the Commissioner’s decision to impose landholder duty. The Victorian Court of Appeal recently handed down its unanimous decision in Oliver Hume Property Funds v Commissioner of State Revenue [2024] VSCA 175. The Court determined that the acquisition of 99.99% of the […]

Foreign Resident CGT | New tax on renewable energy

20/08/2024

All foreign residents exiting Australia will face increased Capital Gain Tax (CGT) and administrative costs, particularly in the Australian renewable energy sector. Australian Treasury released a consultation paper detailing proposed changes to the current foreign resident CGT regime which were raised in the last Federal Budget. Central to the proposed changes is: The changes will […]