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).
Recently, Pitcher Partners Sydney hosted a webinar addressing key tax considerations for individuals with UK and Australian ties.
Treasury is consulting on a new individual tax residency framework that is based on recommendations made by the Board of Taxation in 2019.
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.
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).
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.
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.
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 … Continued
In March 2023, Treasury released an exposure draft legislation for public comment on the new thin capitalisation rules. We made a comprehensive submission in response to the exposure draft legislation.
Revenue NSW announced this week that the duty and land tax surcharges imposed on foreign owners of land in NSW is inconsistent with the international tax treaties entered into by the Federal Government with New Zealand, Finland, Germany and South Africa.