Year End Tax Planning 2023
With the end of the financial year looming fast, it is an opportune time to consider the tax and financial affairs of your business and ensure that your year-end tax planning is in order.
Federal Budget 2023-24: Melbourne livestream
On Wednesday 10 May 2023, Pitcher Partners Melbourne hosted an in-person event with expert commentary on the Labour Government’s 2023-24 Federal Budget.
2023 trust distributions – critical year-end considerations for trustees
Recent developments have confirmed the critical importance of trustees properly considering which beneficiaries should receive distributions and how those distribution entitlements are satisfied.
Trust distributions considerations
Recent court cases and ATO guidance products present additional challenges for trustees when considering how to distribute trust income.
New thin capitalisation rules
The Government will implement new thin capitalisation rules that will operate from 1 July 2023. The proposed new rules will apply to deny interest deductions for taxpayers with foreign shareholders, or foreign operations, or that are part of multinational groups.
Research and Development Tax Incentive – lodgement deadline fast approaching
Companies that have undertaken Research and Development (“R&D”) activities during the year ended 30 June 2022 are required to register their activities with AusIndustry prior to 30 April 2023. This deadline is strictly enforced by AusIndustry.
Fringe Benefits Tax 2023
Ali Suleyman, Elena Bogomolova and Gary Matthews from Pitcher Partners Melbourne, present the annual Fringe Benefits Tax (FBT) Update.
Exposure draft of new thin capitalisation interest limitation rules released
Treasury has released exposure draft legislation to overhaul the thin capitalisation rules for non-financial entities. The proposal will replace the current asset-based 60% safe harbour test with a fixed ratio earnings limit (which will limit net debt deductions to 30% of EBITDA).
Financial efficiencies for the Not-For-Profit sector
As the world emerges from the pandemic crisis, regulatory authorities are once again turning their attention to compliance matters.
ATO finalises work from home deduction approach for 2023 income year
The ATO has released final guidance on how employees may choose to calculate their work from home deductions for this financial year. Employees will be able to choose between a fixed rate method of 67 cents per hour, or calculating the actual expenses incurred, working from home.