An increase in reporting requirements under the Australian Accounting Standards Board’s (AASB) Interpretation 23 has created uncertainty over income tax treatments and interaction with transfer pricing.
The ATO is set to notify large private companies that they are required to prepare and lodge a reportable tax position (RTP) schedule.
Until now, contracts for the sale of certain types of real property which were entered into before 1 July 2018 have not been subject to the GST withholding rules. However, the transitional period is coming to an end.
For companies that are base rate entities, the corporate tax rate is set to fall from 27.5% to 26% in the 2020-21 financial year and 25% in the 2021-22 financial year onward.
As 30 June approaches, it is critical for responsible entities, trustees and fund managers to turn immediate attention to taxation, investor reporting and other fund compliance obligations, particularly given the ongoing impact of COVID-19. In addition, and in light of the ATO’s recent announcement regarding the likely commencement of managed investment trust (MIT) and attribution […]
Eligible Australian businesses can claim up to 50% of expenses on approved overseas promotions of their Australian products or services under the Export Markets Development Grant (EMDG). What is the EMDG scheme? The EMDG scheme is an Australian Government financial assistance program open to small to medium enterprises (SME’s) who are engaging in promotional activities. […]
This guide is broken down into two main sections. In section A, we cover the critical issues of trust distributions, Division 7A and franked distributions. As a minimum, we believe that all taxpayers should at least be considering these issues. In Section B, we cover additional considerations for taxpayers. We note that the application of […]
State and federal governments are spending billions of dollars in response to the COVID-19 pandemic. But before too long attention will turn to funding and how Australia will repay the debt. Tax reform will have an important role to play as part of broader structural reforms to boost productivity and get the economy firing again […]
A Bill containing amendments to the hybrid mismatch rules is set to resolve significant issues that arose for SME taxpayers when the rules were originally introduced. If passed into law, the scope of the deducting hybrid provisions will be significantly narrowed making it easier to comply, with retrospective effect from the original rules’ 1 January […]
State and territory governments have announced a range of tax relief measures in response to COVID-19.
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