Australia: ATO updates guidance on 2024–25 monthly foreign exchange rates
The Australian Taxation Office (ATO) has updated its guidance on Monthly exchange rates for 1 July 2024 to 30 June 2025, including rates for January, February, and March 2025 on 2 April 2025. According to the main Foreign exchange rates guidance,
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Australia: ATO sets deadline for 2023-2024 financial year R&D tax incentive
The Australian Taxation Office (ATO) reminded companies on 3 April 2025 to register their R&D tax incentive activities with the Department of Industry, Science and Resources (DISR) by 30 April 2025 to claim the R&D tax offset for the
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Australia: ATO announces amendments to its top 500 program
The Australian Taxation Office (ATO) has announced updates to its Top 500 Private Groups Tax Performance Program, effective 1 April 2025. About the Top 500 private groups tax performance program The Top 500 private groups tax performance
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Australia: ATO issues guidance on debt deduction rules
The Australian Taxation Office (ATO) has published guidance on Understanding the debt deduction creation rules (DDCR) to help determine if the DDCR applies to an entity and its related party financing arrangements. The guidance includes the
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Australia: ATO updates shortfall interest charges on overclaimed tax offsets
The Australian Taxation Office (ATO) released a notice on 27 March 2025 outlining updates to shortfall interest charges related to overclaimed tax offsets. The government announced extending shortfall interest charges to repayments of overclaimed
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Australia: New law amends luxury car tax, denies interest deductions on tax debts
Australia’s parliament passed the Treasury Laws Amendment (Tax Incentives and Integrity) Act 2024 on 26 March 2025, which received Royal Assent on 27 March 2025. This follows after Australia’s Senate Economics Legislation Committee has
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Australia: Hydrogen, critical minerals tax incentives enter into force in April 2025
The hydrogen production tax incentive (HPTI) and critical minerals production tax incentive (CMPTI), introduced under the Future Made in Australia (Production Tax Credits and Other Measures) Act 2025, which was passed on 11 February 2025, will take
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Australia unveils 2025-26 budget, proposes amendments to tax laws for managed investment trusts
Australia’s Treasurer Jim Chalmers presented the 2025-26 Budget on 25 March 2025. The tax measures are limited and include plans to amend tax laws for managed investment trusts, allowing legitimate investors to access concessional withholding tax
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Peru advances tax treaty talks with Australia, France, Saudi Arabia, Singapore, UAE
The Peruvian Ministry of Economy and Finance announced that it is working to finalise tax treaty negotiations with Australia, France, Saudi Arabia, Singapore, and UAE on 20 March 2025. Peru has signed 10 agreements that provide a secure and
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Australia to tax digital assets under current tax laws
Australia’s government announced its upcoming initiative regarding the development of its digital asset industry on 21 March 2025. The Albanese Government is developing a fit for purpose digital asset regime to help build a more dynamic and
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Australia: ATO announces GIC, SIC rates for Q4 2024-25
The Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the fourth quarter of the 2024-25 income year on 12 March 2025. For the quarter commencing on 1 April 2025, the
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Australia: ATO updates country-by-country reporting rules from 2025
The Australian Taxation Office (ATO) introduced changes to Country-by-Country reporting (CbCR) from 1 January 2025, which requires Version 4 of the local file/master file schema for reporting periods starting on or after 1 January
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Australia, Latvia conclude second round of tax treaty talks
Australia and Latvia officials met from 11 to 13 February 2025 for the second round of negotiations for an income tax treaty. The agreement between the two nations seeks to eliminate double taxation on income and capital while combating tax
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Australia: ATO issues guidance on public CbCR exemptions
The Australian Taxation Office (ATO) has updated its list of topics under review, including exemption discretions for public country-by-country reporting (CbCR). Purpose This draft Practice Statement will outline the Commissioner’s approach
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Australia: ATO raises concerns on restructures to exploit MIT withholding rules
The Australian Taxation Office (ATO) issued Taxpayer Alert (TA) 2025/1 on 7 March 2025, raising concerns about restructures and arrangements aimed at accessing the managed investment trust (MIT) withholding regime (including deemed capital gains tax
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Australia: Greens Party propose ‘big tech tax’
The Australian Greens Party has announced its proposal for a 'Big Tech Tax' on 6 March 2025. The Greens will implement a Big Tech Tax to ensure companies like Meta, Google, Microsoft and Amazon are paying their fair share to support the
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Australia: Non-compliant small businesses must file monthly GST report
The Australian Taxation Office (ATO) has announced that small businesses failing to comply with regulations will be required to transition from quarterly to monthly goods and services tax (GST) reporting. The Australian Taxation Office (ATO) said
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Australia: ATO drafting guidance on Pillar Two lodgment obligations and transition
The Australian Taxation Office (ATO) has updated its advice and guidance plans on international issues, including the Pillar Two global minimum tax. This covers Pillar Two lodgment obligations, the ATO's transitional approach, and updated advice on
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