Our Advocacy work: Amendments to thin capitalisation legislation
In June 2023, legislation containing new thin capitalisation rules from 1 July 2023 was introduced into Parliament.
New thin capitalisation rules revised, but not yet finalised
After first being released as exposure draft legislation in March 2023, the new thin capitalisation interest limitation rules have undergone several round of updates but are still not law.
What do the new US Beneficial Ownership Reporting rules mean for Australian business owners ?
In response to an increased global focus on corporate transparency and exchange of information, effective 1 January of 2024 US businesses are now required to provide beneficial ownership information (BOI) to the US treasury department, via the Financial Crimes Enforcement Network (FinCEN).
Essential planning strategies for UK or Australian citizens with UK assets or links
Recently, Pitcher Partners Sydney hosted a webinar addressing key tax considerations for individuals with UK and Australian ties.
Treasury Consultation Paper – Modernising the individual tax residency rules
Treasury is consulting on a new individual tax residency framework that is based on recommendations made by the Board of Taxation in 2019.
Legislation containing new thin capitalisation rules to have major impacts on financing arrangements
Legislation has been introduced into Parliament that significantly rewrites Australia’s thin capitalisation rules with effect from 1 July 2023, with no grandfathering or transitional relief.
Our Advocacy work: Thin capitalisation legislation
In June 2023, legislation containing new thin capitalisation rules from 1 July 2023 was introduced into Parliament. Broadly, thin capitalisation applies to entities part of multinational groups that incur debt deductions (e.g. interest) of more than $2 million for an income year (on a group basis).
Our advocacy work: Public country-by-country reporting
In April 2023, the Government released exposure draft legislation for public comment seeking to introduce public country-by-country reporting obligations for income years commencing on or after 1 July 2023 for multinational groups with a tax presence in Australia.
Our advocacy work: Denying deductions for payments relating to intangibles
In April 2023, the Government released exposure draft legislation for public comment seeking to introduce a new measure to deny deduction for payments for the exploitation of intangible assets that are made by significant global entities to associates in foreign jurisdictions with a corporate tax rate of 15% or less.
Leo Gouzenfiter
An income tax generalist with over a decade of experience, Leo specialises in CGT, Trusts, Corporate Tax and Division 7A. He also sits on various committees including those with CA ANZ and the Tax Institute of Australia. Truly passionate about all things tax, he is constantly developing his deep expertise and keeping informed as to […]