Pitcher Partners 2021 partner announcement
As our clients navigate different challenges and seize newfound opportunities providing reliable client care is at the heart of what we do.
Aggregated turnover to be calculated for an entity’s financial year even if group members use different balance date
The Australian Taxation Office (“ATO”) has issued draft taxation determination TD 2021/D1 (“draft TD”) which sets out its view that an entity must work out its aggregated turnover by reference to its income year. As such, the annual turnovers of any of the entity’s connected entities or affiliates (whether in Australia or a foreign country) must be calculated using the test entity’s income year even if the connected entity or affiliate has a different financial year end.
Streamlined ATO application to seek relief from annual Division 7A obligations due to COVID-19
Entities that entered into complying Division 7A loan agreements and are unable to meet the minimum yearly repayment due to circumstances beyond their control may be given additional time beyond year end to make the repayment without a deemed dividend arising.
Increase in SMSF member numbers passes
Legislation increasing the maximum number of allowable members in new and existing self-managed superannuation funds and small APRA funds from 4 to 6 members has passed both Houses of Parliament without amendment and awaits Royal Assent. The changes are expected to commence from 1 July 2021, provided Royal Assent is received by 30 June 2021.
Victorian stamp duty changes: Important considerations before 1 July
1 July 2021 is a key date for new stamp duty measures in Victoria, including the new premium rate of duty (for all property types) and duty concessions for acquisitions of residential properties. We outline below some important considerations in relation to these changes and opportunities to save duty.
Year-end tax planning toolkit for 30 June 2021
The end of the financial year is fast approaching. To assist with your year-end tax planning, Pitcher Partners has prepared a comprehensive year-end tax planning toolkit.
Don’t get caught out by upcoming super changes
Superannuation guarantee has been an area of increasing focus and attention by the Federal Government and the Australian Taxation Office (ATO) particularly centred on notions of wage and superannuation theft by employers.
Unpacking the Junior Minerals Exploration Incentive (JMEI)
On 5 May 2021, the government announced the renewal of the Junior Mineral Exploration Incentive (JMEI), this was later confirmed in the federal budget papers. The JMEI allows Australian resident greenfields exploration companies to pass on credits to their shareholders for eligible exploration expenditure.
Configuration and customisation costs incurred in cloud computing arrangements
The IFRS Interpretations Committee recently published its agenda decision on the appropriate accounting treatment of configuration and customisation costs incurred by a customer in cloud computing arrangements.
Loss carry back tax offset considerations for financial year end
There are a number of action items you can undertake prior to 30 June 2021 relating to the loss carry back tax offset. This Bulletin covers various considerations for entities as part of year-end tax planning.