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Changes to deductibility of interests on ATO debts - Effective 1 July 2025

24/06/2025

General interest charge (GIC) and Shortfall Interest Charge (SIC) incurred from 1 July 2025 will no longer be deductible, increasing the after tax cost of carrying a tax debt.  Taxpayers have historically been able to claim tax deductions for GIC and SIC imposed by the ATO. This helped offset the financial burden of these penalty […]

Simplify employee share schemes reporting with the CTS ESS Toolkit

08/05/2025

The Australian Taxation Office (ATO) has upcoming reporting obligations for entities offering employee share schemes (ESS). Find out how the Complete Tax Solutions Employee Share Scheme (CTS ESS Toolkit), our ATO-approved software, can help you meet these requirements efficiently and accurately. Upcoming ATO reporting obligations The ATO requires employers who issue shares or share options […]

Late NFP self review return lodgement: ATO suspends penalties

15/04/2025

The ATO has introduced an annual self-review return requirement for non-charitable NFP organisations with an active Australian Business Number (ABN) to confirm their eligibility for income tax exemption. The inaugural NFP self-review return for the 2023–24 income year was due by 31 March 2025.  Please refer to our previous article for details on the questions […]

Pillar Two FAQs: Key Insights on the Global Minimum Tax

20/03/2025

Pillar Two introduces a global minimum tax framework aimed at ensuring multinational enterprises pay a fair level of tax, regardless of where they operate. This FAQ section addresses key questions about its implementation, impact on businesses, and compliance requirements. Whether you’re looking for insights on effective tax rates, reporting obligations, or exemptions, you’ll find clear […]

Corporate Tax Update

27/02/2025

Join our 2025 Corporate Tax update seminar to ensure you are up to date with the latest developments in corporate and international income tax. Our seminar will be delivered in an interactive format with SW expert Daren Yeoh, Tax Director, Antony Cheung, Senior Tax Manager, Yang Shi, Tax Director and Christine Krause, Director, Audit & […]

Employment Taxes Update 2025

26/02/2025

At our annual Employment Taxes update for the Not-for-profit, Government and Corporate sectors, our experts delve into the ever-evolving world of employment taxes to help you stay ahead in this dynamic field.    Our experts provided an update on: Expert speakers Stephen O’FlynnDirectorSW Paul HumDirectorSW Sam MorrisDirector SW Kirsty McDonnellDirector SW Vanessa PriestDirector SW Justin BatticciottoAssociate Director SW Rahul […]

Division 7A & UPEs | Federal Court rejects ATO view

21/02/2025

The Full Federal Court decision in the Bendel appeal1 has significant implications for Division 7A, overturning the Commissioner’s long-standing position that treats unpaid present entitlements as loans. Background The Full Federal Court has unanimously dismissed the Commissioner’s appeal from the AAT decision in the Bendel case in its judgement handed down on 19 February 2025.  […]

ATO increases GST engagement with Top 100 and Top 1,000 taxpayers

13/11/2024

The ATO has introduced a Supplementary annual GST return as part of its engagement with the Top 100 and Top 1,000 taxpayers. The returns will be used to assess the confidence level of a taxpayer’s compliance with GST law, and their investments placed into GST governance.   The Supplementary annual GST return will first apply […]

First annual R&D Tax Incentive Transparency Report released: Key insights

25/10/2024

The ATO has released the first Research & Development Tax Incentive (R&DTI) Transparency Report for 2021–22, detailing which companies claimed the R&DTI. The ATO has published the first R&DTI Transparency Report covering the 2021–22 income year. The R&DTI program aims to strengthen innovation by providing tax offsets for eligible R&D activities. To promote greater transparency […]

Deductibility of fees for financial advice | New ATO tax determination

11/10/2024

The Australian Taxation Office (ATO) has published Taxation Determination TD 2024/7, confirming the Commissioner’s view on the circumstances under which individuals who are not carrying on an investment business can claim a deduction for fees paid for financial advice. On 25 September, the ATO released Taxation Determination TD 2024/7 in relation to the deductibility of […]