20/12/2022
On 8 December 2022, the Australian Taxation Office (ATO) published its final views regarding the application of section 100A of the Income Tax Assessment Act 1936 (ITAA 1936) for trusts. SW reviews the changes from the draft ruling and additional guidance from the Commissioner. The ATO’s final interpretation of the law, and their compliance approach […]
16/12/2022
The ATO has released two draft publications that focus on employee vs contractor classification for tax and superannuation purposes. Correct classification of an employee is important to ensure that both the business and the worker satisfy their tax and superannuation obligations correctly. On 15 December 2023, the ATO released the following two draft publications for […]
24/10/2022
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 […]
26/09/2022
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 […]
03/06/2022
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 […]
09/05/2022
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 […]
07/04/2022
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 […]
07/04/2022
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) […]
08/03/2022
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 […]
24/02/2022
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 […]