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Article Proposed changes to the definition of ‘employee’: Closing loopholes or opening uncertainty? Changing the definition of ‘employee’ in the Fair Work Act will reverse landmark High Court decisions establishing that ‘contract is king’, increasing uncertainty and risk for businesses of all sizes. On 4 September, the Fair Work Legislation Amendment (Closing Loopholes) Bill 2023 (Bill) was introduced into Parliament. Among the sweeping reforms proposed in the Bill, […] 21/09/2023
Article Payroll tax implications for medical practices – are you prepared? Followed by rulings in QLD and SA, the Victorian State Revenue Office and Revenue NSW have issued rulings that may subject many medical practices to payroll tax on practitioner payments processed through the practices. The NSW and VIC Revenue Authorities have recently published harmonised revenue rulings (Revenue Rulings PTA-041) following similar rulings in QLD and […] 05/09/2023
Article Victorian capital raising | Risk of landholder duty and the Oliver Hume case The VCAT decision in Oliver Hume Property Funds v Commissioner of State Revenue held that units issued to investors under a capital raise via an Information Memorandum (IM) to fund the acquisition of a property in Victoria are to be aggregated as associated transactions for the purpose of the landholder duty rules.   This means that […] 05/09/2023
Article Managed Investment Scheme consultation underway  Th regulatory framework for Managed Investment Schemes (MIS) are currently under review. The consultation paper seeks feedback on the existing regulation. The central objective of this review is to evaluate the adequacy and relevance of the existing regulatory structure, pinpoint regulatory gaps, and explore improvements to mitigate unwarranted financial risk exposure for investors. The review […] 25/08/2023
Article Proposed income tax amendments for General Insurance Contracts Following the 2023/24 Federal Budget announcement to reduce the regulatory burden facing general insurers, the Australian Treasury released Exposure Draft legislation on 10 July 2023, to be applicable for income years starting on or after 1 January 2023.   Requirements for calculating tax liabilities that arise from general insurance contracts are set out in Division 321 […] 20/07/2023
Article Family and Domestic Violence Leave extends to employees working for small businesses Effective from 1st August 2023, the coverage of paid family and domestic violence leave will be extended to employees working for small business employers (with fewer than 15 employees) that was previously limited to non-small business employers. From 1 February 2023, employees of non-small business employers (employers with 15 or more employees on 1 February […] 12/07/2023
Article ASIC focus areas for 30 June 2023 reporting ASIC has released the focus areas for 30 June 2023 reporting, highlighting the impact of uncertain market and economic conditions on reporting. The ASIC media release on 6 June 2023 outlined its key areas of focus for this reporting season, stressing the need for directors, preparers of financial reports and auditors to evaluate the potential […] 06/07/2023
Article Sustainability Accounting Standards issued The International Sustainability Standards Board (ISSB) has issued the first two sustainability accounting standards, with implementation in Australia yet to be finalised. The ISSB has issued two standards focusing on material risks and opportunities related to sustainability (IFRS S1) and climate (IFRS S2). The new standards are effective for reporting periods beginning on or after […] 05/07/2023
Article Bill for new thin capitalisation regime introduced Following consultation to the Exposure Draft legislation earlier this year, the Government has now introduced the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023 (the Bill) which details significant reforms to the thin capitalisation regime. Introduced into Parliament on 22 June 2023, the Bill is in line with […] 26/06/2023
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 January 2021. UPDATE – 29/05/23 On 29 May, Revenue NSW released an update on the foreign owner surcharge, following their announcement on 21 February. Revenue NSW identified […] 31/05/2023
State Budget VIC State Budget 2023/24 The 2023/24 State Budget delivered by the Victorian Government seeks to repay COVID-19 debt through taxing big business and property investors. Temporary levies and job cuts are central to the 10-year fiscal repair plan which are set to impact business and employment. Key takeaways Larger businesses and landlords will have to pay additional taxes to […] 24/05/2023
Article R&D application deadline for Advance & Overseas Findings For companies with R&D activities, applications for Advance and Overseas Findings must be lodged before the end of the income year. For companies with a June year-end, this means the Application deadline for activities conducted in the 2023 income year is 30 June 2023. What is an Advance Finding? An Advance Finding is a decision […] 22/05/2023
Article 2023 Employee Share Scheme (ESS) Reporting The ATO have upcoming reporting obligations affecting those offering employee share schemes (ESS). Find out how the CTS ESS Toolkit, our ATO-approved software can simplify your reporting obligations. ATO reporting obligations The Australian Taxation Office (ATO) have reporting obligations in place, affecting employers who issue shares or share options to their employees.  The deadlines to comply […] 22/05/2023
Article Build-to-Rent Tax Incentives to accelerate Australia’s housing supply and promote sustainable real estate development  Australia’s rental crisis is set to be tackled head-on by the Albanese government, which has proposed incentives to boost housing supply through build-to-rent (BTR) developments in the recent Federal Budget.   According to the budget papers, for eligible new BTR projects where construction commences after 9 May 2023, the government will :  increase the depreciation rate […] 22/05/2023
Article Proposed changes to public Country-by-Country reporting  The Australian Government has released draft legislation with changes to Country-by-Country (CbC) reporting for large multinationals that would see previously confidential details made public.  In the October 2022-23 Federal Budget, the Australian Government announced its intention to implement public CbC reporting measures to enhance transparency, and improve comparability and accessibility of tax information.   The Government […] 15/05/2023
Article Major international tax reform with OECD Two-Pillar approach With increased globalisation and digitalisation creating growing concern about tax avoidance by multinationals, the OECD Two-Pillar approach aims to address international corporate tax challenges. In the 2023-24 Budget, the Government announced the implementation of a 15 per cent global minimum tax and domestic minimum tax, key aspects of Pillar Two of the OECD/G20 Two-Pillar Solution […] 10/05/2023