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Article Australia-India: removal of double taxation of offshore technical services The Australian Government has released draft legislation to remove the double taxation of technical services provided remotely by Indian businesses (offshore services) to customers in Australia. In April 2022, the Australia-India Economic Cooperation and Trade Agreement (AIECTA) was signed to strengthen the relationship between the two countries, facilitate bilateral trade and create opportunities for workers […] 18/08/2022
Article Proposed changes to Australia’s thin capitalisation rules The Government proposes to amend Australia’s existing thin capitalisation rules to limit interest deductions for multinational enterprises. Our modelling indicates one in four multinational enterprises (MNE’s) could be negatively affected by the changes. These amendments are part of a consultation paper released by the Treasury in line with the Government’s commitment to address tax avoidance […] 17/08/2022
Article Significant Investor Visa Funds – compliance audit One of several recent changes to the Migration (IMMI 15/100: Complying Investments) Instrument 2015 regarding complying assets for SIV funds included the requirement to audit the compliance of the fund with the Complying Investments Framework. From 1 July 2021, fund managers of SIV compliant funds are required to appoint an external auditor to annually audit […] 17/08/2022
Article SW talks Australian stablecoins with Novatti The volume of digital payments, and ownership and trading in cryptocurrency, stablecoins and other digital assets, has grown exponentially in Australia over the last few years with extreme highs in cryptocurrency values, price crashes and high profile failures as this relatively new sector develops. Increased usage has led to a raft of new products and […] 08/08/2022
Article Franchising Code – Compilation 8 A further version of the Franchising Code of Conduct has been released, which incorporates all the recent amendments into a new compilation of the Franchising Code. This is called Compilation 8 and Franchisors must guarantee Compilation 8 is used when providing disclosure. As you may remember from our recent article Changes to the Franchising Code, on […] 30/06/2022
Article Changes to the Franchising Code Are you a franchisor? By 14 November 2022, you will be required to upload key disclosure information to the Franchise Disclosure Register for prospective franchisees to view. The Franchise Disclosure Register is a free self-service tool to help prospective franchisees make informed decisions before entering into a franchise agreement. It gives prospective franchise buyers, current franchisees and professional advisers […] 30/06/2022
Article How will multinationals “pay their fair share” under the new Government? The Australian Labor Party (ALP) steered clear of controversial tax debate during the Federal Election campaign this year. However, with the ALP forming Government, many people are wondering what to expect in terms of tax reform. Whilst the important details of the framework have yet to be released (and remain the subject of an intended […] 23/06/2022
Article NSW property tax reform The NSW Government has announced first home buyers will be able to choose to pay an annual property tax instead of stamp duty. This significant proposed property tax reform aims to reduce the upfront cost for purchasing a home. First home buyers purchasing properties up to $1.5m as their principal residence will now be able […] 22/06/2022
State Budget QLD State Budget Overview 2022/23 The Queensland 2022/23 Budget includes increased mental health support, payroll tax relief and mining companies face higher coal royalty rates. Queensland Treasurer, Cameron Dick, has handed down his 3rd budget as part of the government’s plan for economic recovery from the Covid-19 pandemic. Revenue measures announced as part of the 2022–23 Queensland Budget, include: a […] 21/06/2022
Article Increase to national minimum wage The Fair Work Commission has increased the national minimum wage by 5.2% or roughly $1 an hour to $21.38 an hour. The Hospitality and Tourism sector, along with other hard hit industries like Aviation, has been given a temporary reprieve with the wage increase to apply from 1 October 2022. The wage increase however has […] 15/06/2022
Article ASIC announces financial reporting changes for AFS licensees Following changes to the accounting standards, ASIC has given long-awaited clarity to Australian financial services (AFS) licensees, announcing new financial reporting requirements. This announcement on Friday 3 June effectively removes annual special purpose financial statements as an option for AFSL holders. Under the new reporting requirements, many AFS licensees’ annual financial reports must be prepared […] 09/06/2022
Article Employers note: disruption to ATO service or super payments later this month The SW team wish to advise you that the ATO’s Small Business Superannuation Clearing House (SBSCH) online service will NOT be available from 11:30pm on Saturday 25 June to 7:00am on Sunday 26 June 2022 AEST, due to scheduled maintenance. It is important to note, super payments can take up to 7 business days to […] 03/06/2022
Firm news Media release | SW Accountants & Advisors grows with addition of Walker Wayland WA We are excited to announce that, as part of our strategic growth strategy, the well-established and locally respected Walker Wayland Perth team are joining our expanding national firm effective 1 July 2022. Current Walker Wayland Perth Managing Director, John Dorazio and fellow Directors Richard Gregson and Iggy Moro, and their teams are integral to the […] 26/05/2022
Article Broader university exemption for Windfall Gains Tax, VIC Further to legislation passed in November 2021, current proposed amendments to Victoria’s Windfall Gains Tax expands exemption for universities. Introduction of Bill includes a further exemption State Taxation and Treasury Legislation Amendment Bill 2022 (part 8) provides an exemption from the Windfall Gains Tax for land owned by a university in certain circumstances.  Background The […] 25/05/2022
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