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Article Changes to deductibility of interests on ATO debts – Effective 1 July 2025 General interest charge (GIC) and Shortfall Interest Charge (SIC) incurred from 1 July 2025 will no longer be deductible, increasing the after tax cost of carrying a tax debt.  Taxpayers have historically been able to claim tax deductions for GIC and SIC imposed by the ATO. This helped offset the financial burden of these penalty […] 24/06/2025
Article Victoria’s State Tax Reform 2025: What Property Owners, Developers & Advisors Need to Know In May 2025, the Victorian Government introduced the State Taxation Acts Amendment Bill 2025 which provides various changes that will impact landowners, developers, trustees, and individuals navigating Victoria’s complex tax landscape. This article outlines the key changes, with commentary on practical implications, compliance requirements, and planning considerations for clients and advisors alike. The Bill and […] 04/06/2025
Article Section 899: Not a Big Beautiful Tax On 22 May 2025, the United States (U.S.) House of Representatives passed section 899, a retaliatory and penalty tax targeting inbound investments to the U.S. by foreign entities from countries (including Australia) imposing ‘discriminatory taxes’ against U.S. entities. As part of the One Big Beautiful Bill Act (the Bill) passed by the U.S. House of […] 30/05/2025
Article Build to Rent | State Taxes comparison Understanding Build-to-Rent (BTR) concessions across Australia can be complex — so we’ve broken it down to make it easier for you to compare the key differences and eligibility criteria in each State and Territory. This guide provides a clear, side-by-side comparison of BTR definitions, tax concessions, and access requirements across all Australian jurisdictions. If you’re […] 30/05/2025
Article Proposed Division 296 legislation: A new tax on superannuation balances With the Federal Election now run and won, the Federal Labor Government will re-introduce its proposed legislation – Division 296 – Better targeted superannuation concessions. The legislation targets individuals with a Total Superannuation Balance (TSB) above $3 million held across all super funds regardless of accumulation or retirement phase. Under the previously proposed legislation that […] 28/05/2025
Article Simplify employee share schemes reporting with the CTS ESS Toolkit The Australian Taxation Office (ATO) has upcoming reporting obligations for entities offering employee share schemes (ESS). Find out how the Complete Tax Solutions Employee Share Scheme (CTS ESS Toolkit), our ATO-approved software, can help you meet these requirements efficiently and accurately. Upcoming ATO reporting obligations The ATO requires employers who issue shares or share options […] 08/05/2025
Article Late NFP self review return lodgement: ATO suspends penalties The ATO has introduced an annual self-review return requirement for non-charitable NFP organisations with an active Australian Business Number (ABN) to confirm their eligibility for income tax exemption. The inaugural NFP self-review return for the 2023–24 income year was due by 31 March 2025.  Please refer to our previous article for details on the questions […] 15/04/2025
Article Things SGEs should know ahead of new CbC reporting season Significant global entities (SGEs) face stricter Country-by-Country (CbC) reporting in 2025 with new formats, tighter exemptions, public disclosures, and harsher penalties. 2025 marks an important year for SGEs in respect of their CbC reporting obligations. The compliance standards have significantly heightened due to several developments in the Australian CbC reporting regime, including: Here’s what you […] 24/03/2025
Article Pillar Two FAQs: Key Insights on the Global Minimum Tax Pillar Two introduces a global minimum tax framework aimed at ensuring multinational enterprises pay a fair level of tax, regardless of where they operate. This FAQ section addresses key questions about its implementation, impact on businesses, and compliance requirements. Whether you’re looking for insights on effective tax rates, reporting obligations, or exemptions, you’ll find clear […] 20/03/2025
Article Bendel decision | ATO appeals and updates Decision Impact Statement The Commissioner has sought special leave to appeal the Full Federal court decision that unpaid present entitlements are not loans for the purpose of Division 7A. Since the appeal application has been made, the Commissioner has released a decision impact statement outlining their approach to Division 7A in the interim, pending the outcome of the […] 20/03/2025
Article 2024 HERDC specifications released: Key updates & audit requirements The final Higher Education Research Data Collection (HERDC) specifications for the collection of 2024 data have been released. It’s a great outcome to have further clarification on the treatment of Shared Income to Non-Higher Education Providers. The main changes between the 2023 specifications and 2024 specifications are as follows:  Each HEP must arrange for an […] 12/03/2025
Article Division 7A & UPEs | Federal Court rejects ATO view The Full Federal Court decision in the Bendel appeal1 has significant implications for Division 7A, overturning the Commissioner’s long-standing position that treats unpaid present entitlements as loans. Background The Full Federal Court has unanimously dismissed the Commissioner’s appeal from the AAT decision in the Bendel case in its judgement handed down on 19 February 2025.  […] 21/02/2025
Article Land Tax Assessments 2025 | What you need to know The Land Tax Assessments for 2025 are being issued by the relevant State Revenue Offices (SRO). Are they correct and are you paying too much Land Tax? Usual Land Tax Assessment process Each Council/Shire engages a Licensed Valuer for the purpose of valuing each property in their municipality in respect of: If you conduct any […] 07/02/2025
SW NFP self-review return due 31 March 2025 – How to lodge  The NFP self-review return is a new annual reporting requirements for non-charitable NFPs with an active ABN. Relevant NFPs should lodge the return annually to confirm their eligibility to self-assess their income tax exempt status. For NFPs with a standard year end of 30 June, the return must be lodged by 31 October each year. […] 30/01/2025
Article Build-to-Rent Managed Investment Trust legislation passed The passing of the Build-to-Rent (BTR) Managed Investment Trust (MIT) legislation marks a pivotal moment for the Australian property market, addressing long-standing barriers to foreign investment and encouraging the growth of the BTR sector. The legislation has passed both houses of parliament and will apply to eligible BTR developments to: The higher 30% MIT WHT […] 12/12/2024
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