The Australian Taxation Office (ATO) has initiated a public consultation regarding the  implementation of the thin capitalisation third-party debt test . Additionally, it addresses the associated Schedule 3 of Draft Practical Compliance Guideline

Australia’s government will be amending the tax law to strengthen the current tax penalty regime, as part of the 2024–25 Mid-Year Economic Fiscal Outlook. The announcement was made by ATO is a release on 18 December 2024. The new measure

The Australian Official Gazette, on December 17, published a legislative instrument for CbC reporting jurisdictions by the Taxation Administration for the year 2024. This instrument includes the list of CbC reporting jurisdictions along with their

The federal government released the 2024-2025 Mid-Year Economic and Fiscal Outlook (MYEFO) on 18 December  2024. The 2024-25 MYEFO did not introduce any significant tax reforms, but outlined several noteworthy tax proposals. The 2024–25 MYEFO

Australia has published the Taxation Administration (Country by Country Reporting Jurisdictions) Determination 2024, listing jurisdictions for public Country-by-Country (CbC) reporting on 12 December 2024. Notably, Liechtenstein has been excluded

The Australian Taxation Office (ATO) has issued a new taxpayer alert (TA2024/2) on 12 December 2024 targeting arrangements designed to bypass Division 7A requirements. The arrangements involve a profitable private company guaranteeing a loan made