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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Australia and Ukraine negotiating income tax treaty
The delegations from Australia and Ukraine convened for the inaugural round of negotiations on an income tax treaty from 8 October to 11 October 2024. The agreement will eliminate double taxation concerning taxes on income, capital, fringe
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Australia: ATO releases 2022-23 corporate tax transparency report
The Australian Taxation Office (ATO) has published its Corporate Tax Transparency Report for 2022-2023, featuring data on the specified population on 1 November 2024. This year's Corporate tax transparency report analyses aggregated data from the
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Croatia, Australia end income tax treaty talks
In a release on 25 October 2024, Croatia's Ministry of Finance announced that the delegations of Croatia and Australia had completed negotiations for an income tax treaty to eliminate double taxation on income and prevent tax evasion and avoidance
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Australia: ATO releases list of government entities eligible for e-invoicing
The Australian Taxation Office (ATO) released an updated list featuring 132 Australian government entities registered on the Peppol network On 22 October 2024. The Peppol is an extremely secure network used to exchange business-critical
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Australia: Australian Greens propose digital services tax
The Australian Parliament Joint Select Committee on Social Media and Australian Society published its Second interim report on digital platforms and the traditional news media. The report addresses several issues and offers specific
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Australia: Victoria government announces off-the-plan stamp duty discount
Victoria’s government introduced a temporary off-the-plan land transfer stamp duty concession starting 21 October 2024. This duty concession will be valid for 12 months and will allow a 100% deduction of outstanding construction and
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Australia: New South Wales introduces duty, land tax rules for corporate collective investment vehicles
The New South Wales government presented the Revenue Legislation Further Amendment Bill 2024 in the NSW Parliament on 16 October 2024. The Revenue Legislation Further Amendment Bill 2024 will amend various Acts to enhance the integrity of the
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Australia: ATO issues guidance on international transactions drawing attention
The Australian Taxation Office (ATO) has released guidance on international transactions that captured its attention. These transactions include: Related party financing - Cross-border financing arrangements involving non-arm’s length
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Australia: ATO consults new restructuring, thin capitalisation, debt deduction creation rules
The Australian Taxation Office (ATO) launched a public consultation on Practical Compliance Guideline (PCG) 2024/D3 - Restructures and the new thin capitalisation and debt deduction creation rules on 9 October 2024. The ATO has published the
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Australia consults expansion of penalty laws for tax exploitation scheme promoters
Australia’s government is requesting feedback on proposals to expand the penalty laws for promoters of tax exploitation schemes. The Treasury released the public consultation document on 4 October 2024, and interested stakeholders are
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Australia issues law companion ruling on corporate collective investment vehicle regime
The Australian Taxation Office (ATO) released the Law Companion Ruling (LCR) 2024/1 - The Corporate Collective Investment Vehicle Regime on 2 October 2024. Effective from 1 July 2022, this Ruling is about amendments made to the taxation law to
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Australia announces GIC and SIC rates for Q2 2024-25
The Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the first quarter of the 2024-25 income year on 16 September 2024. For the quarter commencing on 1 October 2024,
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Australia: ATO implements additional annual GST return for large taxpayers
The Australian Taxation Office (ATO) has introduced a new supplementary annual goods and services tax (GST) return for large taxpayers who have undergone a GST assurance review on 3 October 2024. The new GST tax measure is part of a pilot
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Australia consults proposed provision denying deductions for ATO interest charges
The Australian Taxation Office (ATO) announced a proposed provision that will disallow the deduction of general interest charges (GIC) and shortfall interest charges (SIC) for income years beginning on or after 1 July 2025. After 1 July 2025,
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Australia, UAE end CEPA negotiations
Australia and the United Arab Emirates (UAE) have ended negotiations for a comprehensive economic partnership agreement (CEPA). Australia’s Department of Foreign Affairs and Trade made the announcement on 17 September 2024. On 13 December 2023,
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