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ATO updates Top 500 private groups tax program: how it affects your business

10/03/2023

The Australian Taxation Office (ATO) has updated its guidance on effective tax governance for the Top 500 private groups in Australia. The Top 500 program focuses on preventive action, and its key concept is ‘Justified Trust,’ which ensures confidence in the community that the largest private groups are paying the correct amount of tax. To […]

Gaming machine money laundering: What do operators need to do to comply with AML/CTF Laws

07/03/2023

Poker machine money laundering is in the spotlight again after concerns around serious and organised criminals targeting pubs and clubs to launder money. With the news regarding SkyCity, AUSTRAC has cited ‘systemic failures’ in the operator’s anti-money laundering and counter-terrorism financing (AML/CTF) programs, particularly regarding the failure to have a transaction monitoring program and to […]

Ampol settles ATO tax dispute over offshore procurement hub: Key takeaways for transfer pricing compliance

07/03/2023

Ampol Limited, formerly Caltex Australia, has settled a transfer pricing dispute with the Australian Taxation Office (ATO) for $157 million. Ampol Group (Ampol) is an Australian energy company that operates in the fuel and convenience retail sector. Its subsidiaries in Singapore (Ampol Singapore) serve as a trading and shipping arm of the group, sourcing refined […]

FBT record keeping relief for employers – ATO draft changes

01/03/2023

For employers lodging fringe benefits tax (FBT) returns, the volume of declarations and record keeping documentation is arduous and ongoing. Last week the Australia Taxation Office (ATO) issued four draft instruments that aim to reduce this. The draft legislative instruments specify acceptable alternative record-keeping obligations (other than an employee declarations) in respect of expense payment […]

1 in 3 SME’s will struggle to meet their financial commitments in 2023 report

01/03/2023

SW Accountants & Advisors and Small Business Australia sentiment survey reveals alarming insights into the struggles and hardships faced by SME’s. A ‘Small Business Sentiment’ survey conducted by SW Accountants & Advisors in partnership with Small Business Australia has revealed insights into the struggles and hardships faced by SMEs in Australia, with 30% of the […]

SW recognised as a Top Graduate Employer for 2023 by Prosple

24/02/2023

SW is excited to announce that we have been recognised as a Top Graduate Employer and received 3 awards for 2023, by Prosple (formerly GradAustralia). Prosple is a graduate careers and education technology platform connecting students, universities and employers. The awards are the result of a Prosple survey of thousands of students across the country. Duane […]

Work from home – ATO revised deduction methods

22/02/2023

On 16 February 2023, the Australian Taxation Office (ATO) released a new guide, Practical Compliance Guide 2023/1 (PCG 2023/1), which revises the methods by which taxpayers can calculate deductions for costs incurred when working from home (WFH). One of the significant changes introduced by the ATO is the discontinuation of the 80 cents per hour […]

UGC releases Draft Regulations facilitating entry of foreign campuses in India

20/02/2023

The University Grants Commission (the “UGC”) has published the Draft Regulations that provide a framework for the establishment and operation of campuses of foreign higher educational institutions (FHEI) in India. Under the proposed regulations, foreign institutions may set up a campus in India independently to conduct undergraduate and higher-level degrees in India in all disciplines. […]

SW recognised as a Top Graduate Employer for 2023

15/02/2023

SW is very excited to announce that we have been recognised as a Top Graduate Employer for 2023 by the Australian Association of Graduate Employers (AAGE). AAGE is a platform that represents organisations that recruit and develop Australian Graduates and the voting is done by graduates that have spent up to a year working with […]

ATO targets Division 7A avoidance scheme

15/02/2023

On 8 February 2023, the ATO released a new Taxpayer Alert sounding a warning to taxpayers seeking to access private company profits tax free via a scheme involving the interposition of a holding company to access company profits tax free. The Taxpayer Alert notes that participants in, and promoters of these types of arrangements, may […]