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Article Government proposes changes to tax concessions for large superannuation balances In the lead-up to the May budget, the Albanese Government has announced a major change to taxes on superannuation earnings for balances over $3 million. Current superannuation taxes An individual’s retirement savings, held in a complying superannuation fund, is subject to concessional taxation on earnings of income and capital gains. The extent of the tax concession […] 10/03/2023
Article ATO updates Top 500 private groups tax program: how it affects your business 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 […] 10/03/2023
Article Gaming machine money laundering: What do operators need to do to comply with AML/CTF Laws 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 […] 07/03/2023
Article Ampol settles ATO tax dispute over offshore procurement hub: Key takeaways for transfer pricing compliance 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 […] 07/03/2023
Article FBT record keeping relief for employers – ATO draft changes 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 […] 01/03/2023
Firm news 1 in 3 SME’s will struggle to meet their financial commitments in 2023 report 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 […] 01/03/2023
Article NSW removes foreign owner property taxes for certain countries Welcome news for foreign property investors in NSW as Revenue NSW removes foreign owner surcharge land tax and surcharge purchaser duty effective immediately, with refunds backdated to 1 July 2021. Revenue NSW has identified that the surcharge purchaser duty and foreign owner surcharge land tax provisions are inconsistent with international tax treaties entered into by […] 24/02/2023
Article Work from home – ATO revised deduction methods 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 […] 22/02/2023
Article UGC releases Draft Regulations facilitating entry of foreign campuses in India 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. […] 20/02/2023
Article ATO targets Division 7A avoidance scheme 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 […] 15/02/2023
Article Guardian case – tax appeal decision on section 100A – Trusts  On 24 January 2023, the Full Court of the Federal Court of Australia handed down its appeal decision in Commissioner of Taxation v Guardian AIT Pty Ltd ATF Australian Investment Trust [2023] FCAFC 3. The Court upheld the original judgement in favour of the taxpayer in relation to the application of section 100A but allowed the […] 10/02/2023
Article Medibank cyber attack prompts increased APRA supervision APRA has intensified supervision of regulated entities for compliance with the Information Security Standard CPS 234 to combat cyber threats following the recent Medibank cyber attack. Concern for the security of information assets following the recent cyber incident at Medibank has prompted the Australian Prudential Regulation Authority (APRA) to step up its supervision of APRA-regulated […] 08/02/2023
Article Renewable energy bitcoin mining – how does it work? | SW talks to DAME Technologies Bitcoin mining operations that utilise renewable energy aim to mitigate the substantial energy consumption of other bitcoin miners, while supporting the electricity grid needs. Simon Tucker talks to Cam Nelson at DAME Technologies. In our latest Digital Discussions interview, SW Tax Partner, Simon Tucker, talks to Cameron Nelson, CEO of DAME Technologies, a sustainability-first renewable […] 25/01/2023
Article SMEs excluded from shorter Income Tax Assessment review The Government has released Amending Regulations that increase the review period from 2 to 4 years for small business entities with ‘complex’ tax affairs. In the 2020-21 Federal Budget, the Government announced an increase to the small business entity turnover threshold from $10m to $50m, allowing greater access to certain concessions including the shorter 2-year […] 21/12/2022
Article ATO position on section 100A for trusts finalised 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 […] 20/12/2022
Article GIFT City India | Newly introduced relaxed regulations 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 […] 20/12/2022