Search

Display 1-10 of 121

New thin capitalisation regime details released

23/03/2023

The Australian Treasury released Exposure Draft legislation aimed at strengthening Australia’s thin capitalisation (thin cap) rules. The Government is seeking feedback on the Exposure Draft which also proposes to disallow interest on debt used to fund foreign companies.   The Exposure Draft, released on 16 March 2023, is in line with the Government’s commitment to address […]

ATO updates Top 500 private groups tax program: how it affects your business

10/03/2023

The Australian Taxation Office (ATO) has updated its guidance on effective tax governance for the Top 500 private groups in Australia. The Top 500 program focuses on preventive action, and its key concept is ‘Justified Trust,’ which ensures confidence in the community that the largest private groups are paying the correct amount of tax. To […]

FBT record keeping relief for employers – ATO draft changes

01/03/2023

For employers lodging fringe benefits tax (FBT) returns, the volume of declarations and record keeping documentation is arduous and ongoing. Last week the Australia Taxation Office (ATO) issued four draft instruments that aim to reduce this. The draft legislative instruments specify acceptable alternative record-keeping obligations (other than an employee declarations) in respect of expense payment […]

NSW removes foreign owner property taxes for certain countries

24/02/2023

Welcome news for foreign property investors in NSW as Revenue NSW removes foreign owner surcharge land tax and surcharge purchaser duty effective immediately, with refunds backdated to 1 July 2021. Revenue NSW has identified that the surcharge purchaser duty and foreign owner surcharge land tax provisions are inconsistent with international tax treaties entered into by […]

Work from home – ATO revised deduction methods

22/02/2023

On 16 February 2023, the Australian Taxation Office (ATO) released a new guide, Practical Compliance Guide 2023/1 (PCG 2023/1), which revises the methods by which taxpayers can calculate deductions for costs incurred when working from home (WFH). One of the significant changes introduced by the ATO is the discontinuation of the 80 cents per hour […]

UGC releases Draft Regulations facilitating entry of foreign campuses in India

20/02/2023

The University Grants Commission (the “UGC”) has published the Draft Regulations that provide a framework for the establishment and operation of campuses of foreign higher educational institutions (FHEI) in India. Under the proposed regulations, foreign institutions may set up a campus in India independently to conduct undergraduate and higher-level degrees in India in all disciplines. […]

ATO targets Division 7A avoidance scheme

15/02/2023

On 8 February 2023, the ATO released a new Taxpayer Alert sounding a warning to taxpayers seeking to access private company profits tax free via a scheme involving the interposition of a holding company to access company profits tax free. The Taxpayer Alert notes that participants in, and promoters of these types of arrangements, may […]

Guardian case - tax appeal decision on section 100A – Trusts 

10/02/2023

On 24 January 2023, the Full Court of the Federal Court of Australia handed down its appeal decision in Commissioner of Taxation v Guardian AIT Pty Ltd ATF Australian Investment Trust [2023] FCAFC 3. The Court upheld the original judgement in favour of the taxpayer in relation to the application of section 100A but allowed the […]

Employment Taxes update 2023

30/01/2023

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

SMEs excluded from shorter Income Tax Assessment review

21/12/2022

The Government has released Amending Regulations that increase the review period from 2 to 4 years for small business entities with ‘complex’ tax affairs. In the 2020-21 Federal Budget, the Government announced an increase to the small business entity turnover threshold from $10m to $50m, allowing greater access to certain concessions including the shorter 2-year […]