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ATO position on section 100A for trusts finalised

20/12/2022

On 8 December 2022, the Australian Taxation Office (ATO) published its final views regarding the application of section 100A of the Income Tax Assessment Act 1936 (ITAA 1936) for trusts. SW reviews the changes from the draft ruling and additional guidance from the Commissioner. The ATO’s final interpretation of the law, and their compliance approach […]

GIFT City India | Newly introduced relaxed regulations

20/12/2022

The new regulations introduced by International Financial Services Centre Authority (IFSCA) have opened a plethora of opportunities for foreign universities (FU) or foreign educational institutions (FEI) in India. The new regulations allow the FU & FEI to operate an International Branch Campus (IBC) or an Offshore Educational Centre (OBC) in the GIFT City, which is […]

Employees vs Contractor ATO risk ratings now out

16/12/2022

The ATO has released two draft publications that focus on employee vs contractor classification for tax and superannuation purposes. Correct classification of an employee is important to ensure that both the business and the worker satisfy their tax and superannuation obligations correctly. On 15 December 2023, the ATO released the following two draft publications for […]

Media release | Bessie Zhang appointed to SW Accountants & Advisors Executive Board

15/12/2022

SW is delighted to announce the appointment of Bessie Zhang, Partner, to the SW Executive Board, effective 1 January 2023.  Says Chair of SW, Mr Stephen O’Flynn, “Bessie has played a key role in building our visibility and capability in our Brisbane and Perth markets, and recently relocated her family to Sydney to support our […]

Season's Greetings from SW 2022

08/12/2022

From all of us here at SW, we would like to thank you for your continued support throughout 2022. We are incredibly proud of how our community has got through another challenging year. We wish you and your family the very best for the festive season and a healthy, happy and successful 2023. Our offices […]

Supporting Small Business | Technology Investment Boost and Skills & Training Boost 

07/12/2022

On 23 November 2022, the Treasury Laws Amendment (2022 Measures No. 4) Bill 2022 was introduced in the House of Representatives to implement the Technology investment boost and Skills and training boost, following measures previously announced as part of the 2022-23 Federal Budget to support small business entities. Latest update The Technology Investment Boost and […]

RCTI changes include GST verification for every issue

05/12/2022

The Commissioner of Taxation (the Commissioner) has proposed changes to the requirements that a recipient must satisfy to issue a Recipient Created Tax Invoice (RCTI).  The proposed changes are detailed in draft Legislative Instrument LI 2022/D15 (the Draft) which has been released for public consultation.  The Draft is intended to replace 51 separate Legislative Instruments […]

Electric Car Discount Bill passed to exempt EV from FBT

02/12/2022

As the calendar year comes to an end, we get closer to the FBT year-end.  This year we have seen two key changes that employers need to be aware of as they may impact their FBT Returns.  Electric Vehicles and FBT  On 25 November 2022, the Australian Government passed the Treasury Laws Amendment (Electric Car […]

Clubs - Update on new self-review requirement for income tax exemption

23/11/2022

From 1 July 2023, clubs seeking to maintain their income tax exempt status will be required to lodge an online Annual Self-Review Form with the ATO (Australian Tax Office). In the 2021 Federal Budget, the former Government announced that it was providing $1.9m to build an online system to enhance the transparency of income tax […]

Child Safe Standards

16/11/2022

SW has expert knowledge and understanding of the Child Safe Standards to help ensure your organisation is satisfying the new Standards. We have undertaken numerous independent reviews of compliance with the Child Safe Standards to assist organisations identify, check and update documents and processes to meet the new Standards. Updates to the Child Safe Standards […]