Australia: ATO announces GIC and SIC rates for Q3 2023-24

March 08, 2024

On 4 March 2024, the Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the fourth quarter of the 2023-24 income year. For the quarter commencing on 1 March 2024, the GIC

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Australia: ATO publishes eligibility thresholds for small business concessions

February 17, 2024

On 16 February 2024, the Australian Taxation Office (ATO) published a release that outlines the eligibility thresholds for small businesses for concessions. As per the release, small business owners may be eligible for concessions on the amount of

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Australia holding public consultation on updated public CbC reporting legislation

February 13, 2024

On 12 February 2024, the Australian Treasury announced it is conducting an additional public consultation regarding implementing new requirements for publishing selected tax information on a Country-by-Country (CbC) basis or public CbC reporting.

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Australia announces treasury laws amendment (cost of living tax cuts) bill 2024

February 07, 2024

On 6 February 2024, the Australian Parliament introduced the Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024, which includes amendments to the income tax rates and thresholds for individuals. The law will go into effect from 1 July 2024.

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Australia: ATO deliberating on amended interest limitation rules

February 01, 2024

On  30 January 2024, the Australian Taxation Office (ATO) announced that it is seeking public input and feedback on guidance and advice related to the amendments to the interest deduction limitation rules, also known as thin capitalization rules.

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Australia: ATO release guidance on depreciation of composite items

February 01, 2024

The Australian Taxation Office (ATO) has released the final iteration of the Taxation Ruling (TR) 2024/1, titled "Income tax: composite items - identifying the relevant depreciating asset for capital allowances".  This ruling provides guidance to

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Australia: ATO issues guidance on hybrid mismatch rules

January 31, 2024

On 30 January 2024, the Australian Taxation Office (ATO) published guidance on the hybrid mismatch rules. The guidance explains why hybrid mismatch rules exist, how hybrid mismatch rules work and when they should be applied. Australia's hybrid

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Australia announces amendments to personal income tax rates and thresholds from July 2024 

January 26, 2024

On 25 January 2024, the Australian Taxation Office (ATO) declared proposed changes to individual income tax rates and thresholds from 1 July 2024. These changes are yet to become law. The key proposed tax cuts will: reduce the 19 % tax rate

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IMF: Report Issued Following Consultations with Australia

January 21, 2024

On 18 January 2024 the IMF issued a report following discussions with Australia under Article IV of the IMF’s articles of agreement. The report noted that although Australia’s post-pandemic recovery was strong, tighter macroeconomic policies

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Australia: ATO plans draft taxation ruling on royalties

January 18, 2024

On 17 January 2024, the Australian Taxation Office (ATO) announced that it started consultation on a new Draft Taxation Ruling TR 2024/D1 Income tax: royalties - character of payments in respect of software and intellectual property rights. The new

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Australia: ATO Introduces new legislation to tackle Franking Credit distribution

December 20, 2023

On 6 December 2023, the Australian Taxation Office (ATO) announced the enactment of a new integrity rule to stop the distribution of franking credits funded by capital raising. The ATO has also initiated a public consultation concerning the

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Australia to halt deductions for ATO interest charges

December 16, 2023

On 13 December 2023, the Australian Taxation Office (ATO) announced that the government will amend the tax law to deny deductions for ATO interest charges as part of the 2023–24 Mid-Year Economic and Fiscal Outlook (MYEFO). This measure is not yet

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Australia: ATO wins case on diverted profits tax

December 08, 2023

The Australian Taxation Office (ATO) declared that a court has ruled in its favor for its decision about enforcing the diverted profits tax (DPT). The DPT applies to multinationals or significant global entities (SGEs) with an annual global income

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Australia: ATO announces GIC and SIC rates for Q3 2023-24  

December 08, 2023

The Australian Taxation Office (ATO) has announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the third quarter of the 2023-24 income year. For the quarter commencing on 1 January 2024, the GIC annual

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Australia: Government releases amended interest limitation rule

November 30, 2023

On 28 November 2023, the Australian government released the amendments and a supplementary explanatory memorandum to the interest limitation rules within the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and

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Australia: ATO updates guidelines on central management and control test of residency

November 15, 2023

The Australian Taxation Office (ATO) has released updated guidelines that give foreign companies greater certainty about the compliance under the central management and control test. For better clarification to foreign companies regarding their

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Australia increases interest rate for simplified transfer pricing record-keeping options for loans

November 10, 2023

On 8 November 2023, the Australian Taxation Office (ATO) released  an updated version of practice compliance guideline on simplified transfer pricing record-keeping options (PCG 2017/2). The updates outline the safe harbor interest rate for the

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Australia: ATO provides clarity on R&D tax incentive integrity rules

November 10, 2023

On 27 October 2023, the Australian Taxation Office (ATO) released a notice where it clarified the application of integrity rules for the R&D Tax Incentive. The identified issues with the application of some R&D program integrity rules

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