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Article Revised draft for Australian public country-by-country reporting Recently, the Treasury released a revised exposure draft (ED) proposing to require certain large multinational enterprises to publicly report selected tax information on a country-by-country basis effective on or after 1 July 2024. On 12 February 2024, the Treasury released the revised exposure draft (ED) and explanatory materials (EM), collectively referred to as ‘Revised Draft […] 27/02/2024
Article ATO issues final risk guideline on Intangibles migration arrangements The Practical Compliance Guideline (PCG) 2024/1 (the Guideline) has been released with ATO poised to dedicate resources towards scrutinising cross-border related party intangible arrangements. As a result taxpayers will face increased disclosure and self-evidence requirements. After a nearly three-year wait[1], the ATO finalised the risk guideline targeting cross-border related party arrangements (collectively referred to as […] 13/02/2024
Article Updated Tax Ruling on character of software payments The ATO has released a new draft tax ruling (TR 2024/D1) on the character of software arrangements for public consultation. This outlines the Commissioner’s view as to when payments would fall under a software arrangement and are subject to royalty withholding tax. The over-arching view remains that payments made for vast majority of software arrangements […] 06/02/2024
Article Sporting Clubs 2024 annual return update The ATO has further updated their website to assist Not-for-profits (NFPs), including sporting clubs, prepare in advance of lodging their first online NFP self-review return for the 2023-24 income year. The NFP self-review return will be available from the Online Services section of the ATO website from 1 July 2024. It will be due for […] 22/01/2024
Article Phased approach to mandatory climate reporting in Australia The Australian government has proposed a new bill that would require certain entities to prepare annual sustainability reports, aiming to enhance the transparency and comparability of climate-related information. Introduction To improve the disclosure and accountability of climate-related matters the Australian government’s final Policy statement proposes to mandate certain entities follow the new sustainability reporting standards […] 22/01/2024
Article Sporting Clubs 2024 annual return reporting moves a step closer The ATO website has been updated to advise Not-For-Profits (NFPs), including sporting clubs, that they are required to lodge their first NFP self-review return for the 2023-24 income year, between 1 July and 31 October 2024. First announced in the 2021 Federal Budget, NFP’s including sporting clubs, societies and associations, with an active Australian business […] 15/12/2023
Article Navigating tax implications of holding vacant land The Meakins case examines the deductibility of holding costs for vacant land. The findings emphasise the importance of demonstrable, income-generating activities to support tax deduction claims on vacant land, offering crucial insights for property investors and taxpayers. The recent Administrative Appeals Tribunal (AAT) case Meakins and Commissioner of Taxation [2023] AATA 3852 (Meakins), highlights its […] 14/12/2023
Article New foreign property investment rules to combat housing crisis Increased costs for foreign property investors will aim to improve the availability and affordability of homes for Australians. Foreign investors will face higher taxes on existing properties meanwhile the Federal Government will incentivise ‘Build-to-Rent’ projects by setting fees at the lowest commercial rate. On Sunday 10 December, the government announced property tax changes to penalise […] 12/12/2023
Article FBT implications for Christmas parties & gifts With the festive season in full swing, businesses are celebrating their achievements and expressing appreciation for their employees. Ensure you consider the Fringe Benefits Tax (FBT) effects to prevent unexpected FBT costs. Christmas celebrations are a wonderful way to end the calendar year, reflect and celebrate with your team. Find out if your Christmas events […] 08/12/2023
Video Polar 993 Founder Adam Lindell talks fund management insights with SW’s Director Rick Hemphill Welcome to an exclusive interview series where SW’s Director, Rick, engages in insightful conversations with Polar 993 Founder, Adam Lindell. Together, they dissect the intricate world of fund management, offering an insider’s perspective on the nuances of navigating the financial landscape. Embark on a journey into the fundamentals of fund management as SW’s Director, Rick […] 07/12/2023
Article More thin capitalisation reforms – changes to Bill released The further thin capital amendments are a step in the right direction for significant multinational tax reform. However, more still needs to be done to ensure the Bill is a targeted and measured response to the issue of base erosion.  The government has introduced more amendments to the thin capitalisation and debt deduction creation rules […] 07/12/2023
Article Uniform Grants Guidance | proposed updates The US Federal Government is proposing a fundamental update of the Office of Management and Budget’s Uniform Grants Guidance. How do these changes impact your organisation? The Office of Management and Budget (OMB) have issued pre-released proposed changes to Uniform Grants Guidance on the 21 September 2023 for public comment. The guidelines are issued to […] 31/10/2023
Article Exposure Draft issued for Australia’s first Sustainability Reporting Standards Australia’s first sustainability reporting standards are out! The Australian Accounting Standards Board (AASB) has issued the much anticipated exposure draft (ED). The exposure draft contains Australian Sustainability Reporting Standards (ASRS) 1 and 2, both of which focus on disclosure of climate-related financial information. This approach contrasts with the approach taken by the International Sustainability Standards […] 27/10/2023
Article Securing your family’s financial future – Now is the time for open conversations Open conversations about financial legacies are crucial, especially in a diverse generational landscape, to ensure a smooth wealth transfer and empower the next generation with financial management skills. In an era defined by a diverse generational landscape, the significance of preparing the financial legacy for future generations cannot be overstated. From Builders to Gen Alpha, […] 27/10/2023
Article Thin capitalisation reforms – changes to Bill released   Treasury has released for public comment an exposure draft of changes to the proposed thin capitalisation reforms.  The proposed changes do not go as far as many would have hoped, but certainly include some welcome amendments in relation to trusts.    Significant reforms to the thin capitalisation regime were introduced in the Bill1 into the House […] 26/10/2023
Article ATO updates on Next 5,000 Program for private groups The ATO has released areas of focus for privately owned and wealthy taxpayers in the Next 5,000 program. Certain taxpayers will face more comprehensive reviews depending on their risk profile. The key findings found in the Next 5,000 population were that most had informally documented tax governance-like processes and controls in place. The ATO is […] 25/10/2023