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Article Is Bitcoin now legal in China? A civil case ruling involving Bitcoin in the Shanghai People’s Court this month has prompted speculation regarding China’s stance on the legality of cryptocurrency. The wider implications, however, remain to be seen. China’s ban on crypto In September 2021, the People’s Bank of China (PBOC), along with nine other authorities including the Supreme People’s Court […] 19/05/2022
Article 2022 Employee Share Scheme Reporting The Australian Taxation Office (ATO) has reporting obligations in place affecting those who offer employee share schemes. Find out how 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 offer shares or share options to their employees. The deadlines to […] 09/05/2022
State Budget VIC State Budget 2022/23 The Victorian Government has delivered the 2022/23 Budget with a clear emphasis on health, education and infrastructure projects in Victoria and no major surprises or material new taxes for Victorian businesses. Key takeaways Although there are no key tax measures introduced, direct property taxes will continue to be the source of over 50% of new […] 04/05/2022
State Budget VIC State Budget 2022/23 – Property & infrastructure The Victorian Government has continued its emphasis on infrastructure investment in this Budget with a focus on schools, health facilities and social and affordable housing. Significant measures New infrastructure spending: $1.6bn for construction and development of new schools and school upgrades $1.6bn for construction and development of new hospitals, health facilities and related upgrades $2.6bn […] 04/05/2022
Article A$DC – First Australian dollar stablecoin minted by ANZ Bank On March 24 2022, Australian media (Eyers, 2022) reported that ANZ Bank had created a stablecoin linked to the Australian dollar to reduce risk and improve transaction speed and cost for one of its clients to purchase digital assets. This was a landmark transaction for the digital economy, as this is the first time an […] 21/04/2022
Article Government moves forward with crypto – payments reform New applications of blockchain-based technologies are continuously evolving, leaving many governments racing to implement suitable frameworks for the interactions of these technologies on their economies and domestic payment systems. The increased accessibility and uptake of digital assets by personal, retail, wholesale and institutional investors throughout 2021 has had global regulators playing catch up and in […] 07/04/2022
Article Don’t get caught out by upcoming superannuation changes From 1 July 2022, there will be several changes to superannuation designed to make it easier for people to grow retirement savings and create opportunities for those who are younger, older and low-income earners. A number of changes are being implemented that will affect who is required to be paid superannuation, the Super Guarantee (SG) […] 07/04/2022
Article NSW significantly expands stamp duty regime Broad ranging stamp duty amendments currently being considered in NSW include extending duty to change of beneficial ownership transactions, expanding anti-avoidance provisions, increasing penalties for SGEs and introducing promoter penalties. On 23 March 2022, the State Revenue and Fines Legislation Amendment (Miscellaneous) Bill 2022 (NSW) was introduced into the New South Wales Legislative Assembly. The […] 06/04/2022
Federal Budget Federal Budget Overview 2022/23 Last night, Treasurer Josh Frydenberg delivered the 2022/23 Federal Budget, setting the Government up for their pre-election. With a May election fast approaching, there was a lot of anticipation that this Federal Budget would provide much needed support for households in managing the cost of living. While borders have opened, many business in several key […] 29/03/2022
Article Australia’s Patent Box Incentive – What are we expecting? As we await the passing of the eagerly anticipated Patent Box legislation, SW looks at the current details for eligible medical or biotechnology patents, who can benefit from the regime, and how it is expected to encourage innovative R&D investment in Australia. It has become increasingly important for Australia to attract for R&D investment on […] 22/03/2022
Article Employee Share Schemes: Deductibility of expenses While draft ATO determination rules out immediate tax deductions for fees incurred to establish an employee share scheme, ongoing associated expenses may remain deductible. On 23 February 2022, the Commissioner released Draft Determination TD 2022/D2, addressing the deductibility of expenses incurred when establishing and administering an Employee Share Scheme (ESS). The Commissioner has stated expenses […] 08/03/2022
Article Trust distributions – the game has changed On 23 February 2022 the Commissioner released three draft administrative pronouncements and one Taxpayer Alert which could significantly impact on trust distributions and how they are taxed.   The contents of these pronouncements are both voluminous and complex and are still being digested, but essentially relate to the Commissioner’s views on the operation of two integrity […] 24/02/2022
Article Guardian case – section 100A win for the taxpayer In December 2021, the Federal Court handed down its decision in Guardian AIT Pty Ltd ATF Australian Investment Trust v Commissioner of Taxation [2021] FCA 1619. The court found in favour of the taxpayer in relation to the application of section 100A. There is little guidance around the application of section 100A particularly in respect […] 23/02/2022
Article What can you claim working from home? As we continue to work from home and emerge from Covid-19, many employers will continue to provide a hybrid working arrangement for employees, that is, a mix of working from home (WFH) and working from the employer premises. Careful consideration, planning and record keeping should be undertaken throughout this financial year in respect of work […] 22/02/2022
Article Employee or contractor? High Court decisions On 9 February 2022, The High Court of Australia delivered two long-awaited decisions to confirm the primacy of the written agreement and the importance of contractual terms when determining whether a worker is an employee or independent contractor. This has highlighted a shift away from the checklist type multi-factorial test, where a valid agreement exists. […] 22/02/2022
Article Innovations & regulation – the future of crypto As cryptocurrency moves beyond the periphery of financial services into the mainstream, most people now understand the basics of crypto, but its independence from regulated systems and the pace of its evolution remain problematic for governments. Since the first transaction of bitcoin in 2009, new cryptocurrencies, networks, platforms and brokers have been established and continue […] 11/02/2022