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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 […]
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Section 899: Not a Big Beautiful Tax
30/05/2025
On 22 May 2025, the United States (U.S.) House of Representatives passed section 899, a retaliatory and penalty tax targeting inbound investments to the U.S. by foreign entities from countries (including Australia) imposing ‘discriminatory taxes’ against U.S. entities. As part of the One Big Beautiful Bill Act (the Bill) passed by the U.S. House of […]
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Proposed Division 296 legislation: A new tax on superannuation balances
28/05/2025
With the Federal Election now run and won, the Federal Labor Government will re-introduce its proposed legislation – Division 296 – Better targeted superannuation concessions. The legislation targets individuals with a Total Superannuation Balance (TSB) above $3 million held across all super funds regardless of accumulation or retirement phase. Under the previously proposed legislation that […]
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CTS GST Analytical Tool
21/05/2025
Taxpayers who have received a GST assurance rating through the ATO’s Top 100 or Top 1,000 programs are now required to complete the GST Supplementary Schedule. There is also an increasing expectation for taxpayers to undertake the GST analytical tool (GAT) or similar reconciliation on an annual basis to understand the variances between their financial […]
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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 […]
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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 […]
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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 […]
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Bendel decision | ATO appeals and updates Decision Impact Statement
20/03/2025
The Commissioner has sought special leave to appeal the Full Federal court decision that unpaid present entitlements are not loans for the purpose of Division 7A. Since the appeal application has been made, the Commissioner has released a decision impact statement outlining their approach to Division 7A in the interim, pending the outcome of the […]
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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 & […]