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Happy Lunar New Year 2020
22/01/2020
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AFSL entities with leases under AASB 16
20/01/2020
ASIC’s media release in December 2019 advised AFSL holders that the right-of-use asset resulting from adoption of the new accounting standard on leases (AASB 16) will be intangible, which may impact AFSL holders’ compliance with licensing conditions. On 6 December 2019 ASIC issued a press release which included the following statement: “Many Australian Financial Services […]
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Income tax - When are deductions allowed for employees’ transport expenses?
20/12/2019
On 13 December 2019 the Commissioner issued Draft Taxation Ruling TR 2019/D7 to replace one half of the existing Draft Taxation Ruling TR 2017/D6. The Draft Taxation Ruling confirms that generally travel from work to home will be considered private in nature and consequently cannot be deducted. For transport to be deductible it must be […]
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Change to CGT implications for foreign residents – now law
16/12/2019
Foreign tax residents impacted by new changes to the main resident capital gains tax exemption are encouraged to review the impact immediately and formulate a tax strategy. Despite best efforts of professionals and expat groups, the reintroduced Bill to deny the main residence capital gains tax (CGT) exemption where the owner is a foreign tax […]
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Car parking fringe benefit - draft tax ruling
11/12/2019
The Australian Taxation Office has released a draft taxation ruling which impacts businesses who provide car parking spaces to their employees. Background Businesses who provide car parking spaces for their employees, but do not currently pay fringe benefits tax (FBT) on this benefit, should assess the impact of the Australian Taxation Office’s (ATO) views set […]
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Investment bond strategies
04/12/2019
Join us at our upcoming seminar to learn key investment strategies and the application of each strategy. With the increase in popularity of investment bonds, the ShineWing Australia Wealth team is pleased to invite you to attend our upcoming seminar with guest speaker: Grant Hackett OAM, the Chief Executive Officer of Generation Development Group, a […]
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Looming deadline for NSW property surcharges for discretionary trusts
02/12/2019
Time is about to expire to amend discretionary trust deeds so as to avoid unintended duties and taxes Little time is left to take action to amend trust deeds of family and other discretionary trusts so as not to inadvertently subject the trust to increased transfer duties on property acquisitions and in turn increased land […]
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Beyond shareholder value: The emerging sustainable enterprise
29/11/2019
ShineWing Australia is delighted to invite you as our guest to the upcoming Harvard Club event: Beyond shareholder value: The emerging sustainable enterprise. In August, 181 of the 193 members of the US Business Roundtable, signed a new statement of its principles of corporate governance. The Sydney Morning Herald cited that the existing statement no […]
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Enforcement of China’s new Foreign Investment Law
27/11/2019
Due to the rapidly evolving regulatory regime for foreign investment in China, foreign investors need to keep abreast of changes and the impact these changes may have on their investments. As covered in our previous explainer, earlier this year China passed a new Foreign Investment Law (FIL) to further attract investment, address international criticism about […]