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Article Supporting Small Business |Technology Investment Boost and Skills & Training Boost  On 23 November 2022, the Treasury Laws Amendment (2022 Measures No. 4) Bill 2022 was introduced in the House of Representatives to implement the Technology investment boost and Skills and training boost, following measures previously announced as part of the 2022-23 Federal Budget to support small business entities. What is it?  Technology investment boost: The […] 07/12/2022
Article RCTI changes include GST verification for every issue The Commissioner of Taxation (the Commissioner) has proposed changes to the requirements that a recipient must satisfy to issue a Recipient Created Tax Invoice (RCTI).  The proposed changes are detailed in draft Legislative Instrument LI 2022/D15 (the Draft) which has been released for public consultation.  The Draft is intended to replace 51 separate Legislative Instruments […] 05/12/2022
Article Electric Car Discount Bill passed to exempt EV from FBT As the calendar year comes to an end, we get closer to the FBT year-end.  This year we have seen two key changes that employers need to be aware of as they may impact their FBT Returns.  Electric Vehicles and FBT  On 25 November 2022, the Australian Government passed the Treasury Laws Amendment (Electric Car […] 02/12/2022
Article Clubs – Update on new self-review requirement for income tax exemption From 1 July 2023, clubs seeking to maintain their income tax exempt status will be required to lodge an online Annual Self-Review Form with the ATO (Australian Tax Office). In the 2021 Federal Budget, the former Government announced that it was providing $1.9m to build an online system to enhance the transparency of income tax […] 23/11/2022
Article Child Safe Standards SW has expert knowledge and understanding of the Child Safe Standards to help ensure your organisation is satisfying the new Standards. We have undertaken numerous independent reviews of compliance with the Child Safe Standards to assist organisations identify, check and update documents and processes to meet the new Standards. Updates to the Child Safe Standards […] 16/11/2022
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. On 4 October 2022, the Federal Treasurer released a consultation paper on the proposed implementation of the OECD’s two-pillar solution, with the consultation process finishing on 1 November 2022. The Two-Pillar […] 04/11/2022
Article Concessions provided to foreign universities to operate in India In a recent policy update, the Government of India issued regulations enabling Foreign Educational Institutions to establish an International Branch Campus (IBC) or Offshore Education Centre (OEC) in International Financial Services Centres (IFSC) in the Gujarat International Finance Tec-City (GIFT City) in India. This much anticipated legislation is welcome news for Australian universities looking to […] 27/10/2022
Federal Budget Federal Budget overview 2022/23 – October Treasurer Jim Chalmers handed down our second Federal Budget for FY2022-23 last night. The Labor Party’s first Budget showed spending restraint amidst rising inflation with key investment areas including education, infrastructure and energy & resources. With the change of government, there was great anticipation on the updated Federal Budget. However, this Budget may not provide […] 25/10/2022
Article ATO provides examples to illustrate Tax Residency for Individuals rules On 6 October 2022, the ATO released a Draft Ruling TR 2022/D2, which provides some clarification of the ATO’s view of individual tax residency and the relevant tests.  With the increase in flexible working alternatives, changes in international working arrangements, the uncertainty surrounding COVID-19 and the border restrictions that have been put in place over […] 24/10/2022
Article Trusts & section 100A | Commissioner draws first blood On 19 September 2022, the Federal Court (single Judge) handed down a decision on section 100A of the Income Tax Assessment Act 1936 (ITAA36) which supports the expansive interpretation in the ATO’s draft guidance (Taxation Ruling TR 2022/D1) released in February this year. There are a number of cases pending in relation to this controversial […] 29/09/2022
Article ATO Tax Ruling – ‘Games and sports exemption’ TR 2022/2 On 14 September 2022, the ATO has revised its guidance on the games and sports income tax exemption for not-for-profit clubs. While the application of the exemption has not changed, Taxation Ruling 2022/2 does provide further clarifications and references the Word Investments High Court case. This ruling replaces Taxation Ruling 97/22, which has now been […] 26/09/2022
Article Land transfer duty – Acquisition of economic entitlements in relation to land (service fees) The State Revenue Office of Victoria (SRO) recently released a draft Ruling on the operation of the economic entitlement provisions contained in the Duties Act 2000 (Duties Act). Our experts look at whether the guidance provides clarity for the property industry and investors. On 30 August 2022 the State Revenue Office of Victoria (SRO) released […] 12/09/2022
Article Corporate Collective Investment Vehicle Regime (CCIV) Now that we are in the 2023 financial year, it is important for fund managers to consider the opportunities of the Corporate Collective Investment Vehicle Regime (CCIV), which came in to effect from 1 July 2022, when considering the structure of new and even existing investments.   The CCIV regime provides a new type of […] 31/08/2022
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