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Feedback on Treasury’s Giving Fund reforms

07/08/2025

Our submission to the Government’s consultation paper reflects feedback raised by trustees of affected Funds on the proposed increase to the minimum distribution rate. Based on our discussions, trustees are concerned that the change is inconsistent with their Funds’ objective of providing long-term charitable support. The Treasury has released a consultation paper ‘Giving fund reforms: […]

Updates on the Big Beautiful Section 899 & Pillar Two 

02/07/2025

Never a dull moment in US politics and tax policies – the proposed section 899 has come and gone in a matter of weeks. What are the ramifications for Pillar Two?  Just few weeks after the US Congress passed the One Big Beautiful Bill Act (the OBBBA), including the controversial Section 899 ‘revenge tax’, the […]

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 […]

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 […]

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 […]

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 […]

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 […]

Celebrating 90 Years of SW – A legacy of growth & innovation

21/03/2025

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 […]