Australia: 2024-25 Mid-Year Economic and Fiscal Outlook outlines new tax measures
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
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Australia announces jurisdictions for public CbC reporting
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
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Australia: ATO cautions taxpayers on schemes avoiding division 7A compliance
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
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Australia: Queensland proposes full transfer duty relief for first-home buyers
Australia’s Queensland government has proposed the Revenue Legislation Amendment Bill 2024 to Parliament, which proposes full transfer duty relief for first-home buyers. The bill amends the Duties Act 2001 to offer full duty relief for
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Australia consults updated draft ruling on CGT event K6
The Australian Taxation Office (ATO) has initiated a public consultation on the updated draft taxation ruling, TR 2004/18DC, which addresses the application of "capital gains tax (CGT) event K6". This revision clarifies and refines the ATO's
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Australia updates guidance on public CbC reporting
The Australian Taxation Office (ATO) has revised its guidance on the public country-by-country (CbC) reporting regime focusing on public CbC parent registration requirements on 11 December 2024. Australia’s public CbC reporting is a reporting
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Australia: ATO alerts against circular financing for early-stage investor tax offsets
The Australian Taxation Office (ATO) has issued a new taxpayer alert regarding arrangements involving circular financing linked to early-stage investor tax offsets. This taxpayer alert (TA 2024/1) was issued in response to a new tax avoidance
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Australia: Pillar Two minimum tax, CbC reporting, capital gains withholding laws receive royal assent
Australia’s laws related to the Pillar Two minimum tax, Country-by-Country (CbC) reporting requirements, and capital gains withholding received Royal Assent on 10 December 2024. Pillar Two global minimum tax law The Pillar Two global minimum
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Australia: ATO publishes draft guidance on ‘capital raised for the purpose of funding franked distributions’
The Australian Taxation Office (ATO) released PCG 2024/D4 on 4 December 2025, outlining its compliance approach to the issue of "capital raised for the purpose of funding franked distributions." This is related to Schedule 5 of the Treasury Laws
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Australia: Treasury consults tax treaty with Portugal
Australia’s Department of the Treasury, in a release, announced a public consultation regarding the draft legislation introducing a tax treaty with Portugal on 3 December 2024. The proposed legislation aims to eliminate double taxation and
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Australia: Parliament passes law for public CbC reporting
Australia's parliament passed a legislation, on 29 November 2024, that mandates all multinational groups to publicly disclose country-by-country (PCbCR) tax information starting 1 July 2024. The legislation requires multinational Australian and
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Australia: ATO updates CbC Reporting Exemptions, adds additional compliance rules
The Australian Taxation Office (ATO) announced updates to its country-by-country (CbC) reporting exemptions on 29 November 2024. These updates bring changes to previous exemptions for the local file, master file, and CbC report. For example,
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Australia proposes tax breaks for hydrogen, critical minerals production
Australia’s government has presented the “Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024’ to Parliament” , proposing tax incentives on hydrogen and critical minerals production. This follows after the
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Australia passes bill for Pillar Two Global Minimum Tax
The Australian Senate has passed the Taxation (Multinational—Global and Domestic Minimum Tax) Imposition Bill 2024 on 26 November 2024. The House of Representatives endorsed the bill in August 2024. This followed after the Australian Senate
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Australia initiates consultation on crypto reporting framework (CARF) and CRS changes
The Australian Treasury has published a consultation paper in November 2024 outlining Australia's strategy for adopting the OECD-developed guidelines on the Crypto Asset Reporting Framework (CARF) and related modifications to the Common Reporting
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Australia: ATO extends CbC reporting deadlines
The Australian Taxation Office (ATO) announced, on 13 November 2024, an extension for the filing deadline of country-by-country (CbC) reporting entities for the year ending 31 December 2023. The deadline has been extended until 31 January
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Australia: ATO publishes report on business dispute and settlement findings
The Australian Taxation Office (ATO) has announced the publishing of Public and Multinational Business Disputes and Settlements Findings on 11 November 2024. This report offers valuable insights and key findings regarding disputes and settlements
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Australia: ATO issues guidance on thin capitalisation rules, related provisions
The Australian Taxation Office (ATO) released guidance on 3 November 2024, outlining how the thin capitalisation rules interact with other provisions. The thin capitalisation rules limit the amount of debt deductions you can claim. Regard must
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