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Accounting & compliance

21/12/2021

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

10/11/2021

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 […]

Super choice rules will change from 1 November

17/09/2021

You’ll have an extra step to take if you have new employees who start from 1 November 2021 and they don’t choose a super fund. You may now need to request their ‘stapled super fund’ details from the Australian Tax Office (ATO). A stapled super fund is an existing super account of an employee that […]

全中文税务与财务更新讲座 | Mandarin Tax and Accounting update

08/09/2021

在我们近期的全中文财税更新讲座上，本所专家团队解读了近期主要财税变化，以及这些变化为企业与个人带来的影响与机遇。 At our recent Mandarin Tax and Accounting update, our team of experts discussed the recent key accounting and tax changes, the impact and opportunities that these changes would bring to individuals and businesses. 重点税务与财务事宜更新总汇 | Summary of key tax & accounting matters  联邦预算重点事宜跟进 Follow up on Budget key tax measures 各州疫情补贴汇总/对比 State COVID support overview/comparison […]

Tax Briefing

10/06/2021

In the wake of the 2021 Federal Budget and lead up to end of financial year, our tax experts reviewed and highlighted the major tax developments, changes and practical matters that you need to consider in the lead up to the financial year-end. This tax briefing covered: Federal Budget overview COVID measures –state of play […]

ATO draft guidance on Intangibles Arrangements between related parties

01/06/2021

The Australian Taxation Office released draft Practical Compliance Guideline 2021/D4 on 19 May 2021 (Draft PCG), outlining how international arrangements connected with the development, enhancement, maintenance, protection, and exploitation (DEMPE) of intangible assets and/or migration of intangible assets (Intangibles Arrangements) will be assessed. Intangibles Arrangements is the long-awaited and last tranche of ATO’s focus areas […]

2021 Employee Share Scheme Reporting

24/05/2021

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 those who offer shares or share options to their employees. The deadlines to […]

Selling a business post-COVID-19

27/01/2021

What do business owners need to consider before selling, for the supply of a going concern to be characterised as GST-free? COVID-19 restrictions have led to adverse trading conditions, causing some businesses to temporarily close or downsize their operations. These range from the small CBD coffee cart in the office foyer, through to huge airlines […]

Foreign Investment Review Board updates to Guidance Note 47 on tax structures

30/09/2020

The Foreign Investment Review Board (FIRB) is required to consider the tax structure of an investment proposal when determining if the proposal is contrary to the Australian national interest. Tax Guidance Note GN 47 requires FIRB to consider the impact the investment proposal would have on Australian tax revenues and the integrity of the Australian […]

Taxation Determination 2020/07

23/09/2020

The Commissioner has finalised the ATO’s view in Taxation Determination 2020/7 confirming that capital gains are not included when calculating the Foreign Income Tax Offset (FITO) limit. Application of the law The FITO limit is determined by section 770-70 of the ITAA 1997, requiring a comparison between Australian tax payable and Australian tax that would be […]