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Article Key VIC changes introduced by the State Taxation Further Amendment Bill 2024 The State Taxation Further Amendment Bill 2024 introduces key reforms for Victoria, including expanded CIPT duty exemptions, strengthened FPAD and AOS provisions, a land tax exemption for charitable housing providers, payroll tax updates, and other minor amendments. The State Taxation Further Amendment Bill 2024 (the Bill) received Royal Assent on 3 December 2024. The key […] 10/12/2024
Article Uniform Guidance | Final updates effective 1 October 2024 The Office of Management and Budget (OMB) has finalised significant changes to the Guidance for Grants and Agreements, aimed at improving clarity, consistency, and compliance in managing US Federal grants and financial assistance. The OMB Guidance for Financial Assistance (Uniform Guidance) issued to all Federal agencies for use across all United States Federal Grants is […] 05/12/2024
Article Anti-Money Laundering November 2024 reforms Over 70,000 new reporting entities are to be regulated under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 recently passed in November 2024. The AML/CTF Amendment Bill aims to effectively deter, detect and disrupt money laundering and terrorism financing and strengthen the existing frameworks to better address these evolving threats. The Australian Transaction […] 02/12/2024
Article ATO increases GST engagement with Top 100 and Top 1,000 taxpayers The ATO has introduced a Supplementary annual GST return as part of its engagement with the Top 100 and Top 1,000 taxpayers. The returns will be used to assess the confidence level of a taxpayer’s compliance with GST law, and their investments placed into GST governance.   The Supplementary annual GST return will first apply […] 13/11/2024
Events Tax Effect Accounting webinar Discover the latest updates in tax effect accounting with expert insights into accounting for income taxes. Our expert will provide you with topical content of relevance as well as an update on what’s new in tax effect accounting, including information about the following topics: Session details     Your speaker: Andrew WuManagerSW 08/11/2024
Article AASB 18: Key changes in presentation of profit & loss of listed entities The introduction of a new accounting standard, AASB 18, represents a major change for financial reporting, particularly in the profit and loss statement for listed companies and Tier 1 reporters. AASB 18 Presentation and Disclosure in Financial Statements has been introduced to enhance the presentation of financial statement as well as for transparency and comparability […] 31/10/2024
Article First annual R&D Tax Incentive Transparency Report released: Key insights The ATO has released the first Research & Development Tax Incentive (R&DTI) Transparency Report for 2021–22, detailing which companies claimed the R&DTI. The ATO has published the first R&DTI Transparency Report covering the 2021–22 income year. The R&DTI program aims to strengthen innovation by providing tax offsets for eligible R&D activities. To promote greater transparency […] 25/10/2024
Article New temporary off-the-plan duty concession On 21 October 2024, the Victorian Government announced a temporary off-the-plan duty concession to ease the financial burden for buyers of off-the-plan properties like apartments and townhouses in strata subdivisions.   This new concession is set to last for 12 months and attempts to address ongoing challenges in the Victorian property market, particularly amid high construction […] 25/10/2024
Article Oliver Hume Case update | State Revenue Office emboldened to review past capital raises for property trusts under an IM  The Victorian Court of Appeal’s recent decision in Oliver Hume Property Funds v Commissioner of State Revenue [2024] VSCA 175 prompted the State Revenue Office (SRO) to update its ruling (DA-075v2) and introduce a voluntary disclosure amnesty for taxpayers impacted by landholder duty principles from the case. Importantly, once the amnesty ends on 31 March […] 21/10/2024
Article Deductibility of fees for financial advice | New ATO tax determination 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 […] 11/10/2024
Article From legislation to action: Australia’s sustainability reporting standards finalised 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 […] 30/09/2024
Article ATO draft Practical Compliance Guideline PCG 2024/D2: Impact on personal services income 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 […] 26/09/2024
Events Tax Chat webinar series Explore the latest in the world of taxation in our Tax Chat webinar series. Join us for three engaging sessions on the most recent tax rulings, cases and key developments shaping the tax landscape. During these sessions, our newest Tax Partners, Kirsty McDonnell and Vanessa Priest, will be discussing all things tax- including updates to […] 23/09/2024
Events Sustainability Reporting webinar series 2025 Discover the latest in sustainability reporting through our Sustainability Reporting webinar series. Join us for three insightful sessions exploring the newest trends and advancements in the field. During the session, our experts will provide insights and actionable knowledge that will empower your organisation to navigate the evolving landscape of sustainability reporting: Session details Webinar 1 […] 23/09/2024
Article Australian Parliament passes mandatory climate reporting legislation 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 […] 13/09/2024
Article Victorian Government introduces 7.5% short stay levy to Parliament 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 […] 11/09/2024