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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 […]

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 […]

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) […]

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 […]

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 […]

Employment Taxes update 2022

At our annual Employment Taxes update for the Not-for-profit, Government and Corporate sectors we reviewed the latest tax news and the employment taxes impacts of the COVID-19 pandemic. During these webinars our tax experts provided an update on: New and topical developments including recent cases and ATO FBT compliance activity FBT recap and hot topics […]

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 […]

Transfer Pricing: Singapore Telecom v Commissioner of Taxation

Another win for the ATO on transfer pricing litigation involving inbound related party financing. Singapore Telecom Australia Investments Pty Ltd v Commissioner of Taxation [2021] FCA 1597 On 17 December 2021, the Federal Court of Australia (the Court) decided in favour of the ATO against STAI in a transfer pricing dispute involving the pricing of […]

Accounting & compliance

Compliance with and lodgment of statutory documents has never been more complex, from individual tax returns through to businesses small and large. Compliance obligations apply from a wide range of bodies at various times in the year, including: Australia Taxation Office income tax returns FBT returns GST returns superannuation payments and reporting Australian Securities and […]

Cents per kilometre reduction rate for car expenses

From 1 July 2020, the cents per kilometre deduction rate for car expenses will rise to 72 cents per kilometre (previously 68 cents). The new rate will apply until such time that the commissioner determines that a change to the rate is necessary and continues to apply to the 2022 tax year. The cents per […]