The Australian Taxation Office (ATO) has issued a statement urging privately owned and wealthy groups to document their processes for identifying and managing tax issues and risks on 7 February 2025. ATO’s ongoing engagement with groups in the

The Trump Administration has released a memorandum introducing the "Fair and Reciprocal Plan," aimed at reducing the trade deficit and promoting fairness in international trade on 13 February 2025. The letter states that for many years, the

The Australian Taxation Office (ATO) has updated its form and instructions for taxpayers on 13 February 2025, allowing individuals to select either the group ratio test or the third-party debt test (thin capitalisation test choice) for a specific

Companies are required to complete a reportable tax position schedule if their total business income is AUD 250 million or more, or AUD 25 million or more while part of an economic group with AUD 250 million or more in total income. This applies

The US Internal Revenue Service (IRS) has released updated practice units addressing specific issues related to partnerships. As part of the Large Business and International (LB&I) Division’s knowledge management efforts, practice units are

Australia’s House of Representatives has approved the Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024  on 11 February 2025. Earlier, the bill was passed by the Senate, meaning the legislation has passed both