Australia revises promoter penalty laws, fines up to AUD 780 million
The Australian Taxation Office (ATO) announced updates to the promoter penalty laws in a release on 28 August 2024. The maximum penalties have significantly increased, now reaching up to AUD 780 million. Promoter penalty laws deter and take
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Australia: Tax cuts fail to boost spending in July 2024
Australian retail sales remained unchanged in July, following two months of growth, indicating that recent tax cuts have yet to spur important consumer spending. The Australian Bureau of Statistics (ABS) reported no month-on-month change in July,
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Australia publishes guidance on GST for food, drinks, health products
The Australian Taxation Office (ATO) has provided guidance to help taxpayers navigate the goods and services tax (GST) classification of food, beverages, and health products, clarifying whether these items are subject to tax or GST-free. ATO has
See MoreAustralia: Victoria plans tax on short-term rentals
The government of Victoria has proposed the Short Stay Levy Bill 2024 in the state parliament. This bill aims to implement a 7.5% tax on short-term accommodation bookings (less than 28 days), effective from 1 January 2025. A short stay in
See MoreAustralia: Victoria consults draft ruling for business insurance tax
Victoria's State Revenue Office (SRO) issued a draft revenue ruling for public consultation concerning the duty (tax) obligations on business insurance premiums. The consultation is set to conclude on 25 September 2024. Under the Duties Act
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Australia updates corporate tax transparency reporting 22-23
The Australian Taxation Office (ATO) has updated corporate tax transparency for the 2022–23 income year and onwards. The corporate tax transparency population includes any corporate tax entity that has total income equal to or exceeding AUD 100
See MoreAustralia releases guidance on new debt deduction creation rules
The Australian Taxation Office (ATO) has released guidance on the new debt deduction creation rules, explaining how the rules apply to private businesses and privately owned groups in relation to the Division 7A loan rules. The new rules came
See MoreAustralia revises penalty, interest guidelines
The Australian Taxation Office (ATO) revised its guidance on Penalties and Interest on 21 August 2024, explaining how penalties and interest are applied in different situations, including failure to meet tax obligations. Interest charges Tax
See MoreWestern Australia increases first homeowner duty concessions
The Western Australian Parliament has approved a bill to increase duty concessions for first-time homeowners. The Duties Amendment (First Home Owner Concessions) Bill 2024 amends the state's Duties Act 2008 so that: Properties valued up to
See MoreAustralia announces corporate plan for 2024-25
The Australian Taxation Office (ATO) has published its corporate plan for 2024-2025, on 12 August 2024. This plan encompasses the ATO, the Tax Practitioners Board (TPB), and the Australian Charities and Not-for-profits Commission (ACNC). The ATO
See MoreAustralia updates foreign exchange rate guidelines for 2024-25 income year
The Australian Taxation Office (ATO) updated its guidance on foreign exchange rates, including the monthly foreign exchange rates for the 2024-2025 income year, which starts from 1 July 2024 to 30 June 2025. All foreign income, deductions, and
See MoreAustralia: Senate Committee recommends passing Pillar Two global minimum tax legislation
The Australian Senate Economics Legislation Committee released its report regarding the provisions of three legislations aimed at implementing the Pillar Two global minimum tax in Australia. The report recommends that the bills be passed. The
See MoreAustralia updates petroleum resource rent tax rules
Australia’s Treasurer Jim Chalmers announced new Petroleum Resource Rent Tax regulations on 6 August, 2024. The Petroleum Resource Rent Tax (PRRT) reform aims to deliver a fairer return to the Australian community from their natural resources.
See MoreAustralia: Senate releases report on public CbC reporting bill
Australia’s Senate Economics Legislation Committee has released its report on legislation introducing public country-by-country (CbC) reporting in Australia. The committee advised to approve the legislation with amendments to ensure the proposed
See MoreAustralia: ATO releases withholding tax guidance for payments to non-residents
The Australian Taxation Office (ATO) has published guidance regarding withholding tax obligations related to specific payments made to non-residents on 1 August, 2024. The guidance provides clarification, ensuring taxpayers are aware of their
See MoreAustralia initiates consultation on draft law extending SME amended returns period to 4 years
The Australian Treasury has announced a public consultation on a draft legislation entitled “Treasury Laws Amendment Bill: Self-amendments by small and medium businesses” on 26 July, 2024. The consultation is set to conclude on 9 August,
See MoreAustralia: Guidance on Thin Capitalisation Rules Published Online
Following the enactment of the new thin capitalisation laws in April 2024, the ATO has developed web guidance to assist taxpayers in applying the new rules, which are effective for income years commencing on or after 1 July 2023. Under the rules,
See MoreAustralia: ATO to form pillar two tax working group
The Australian Taxation Office (ATO) has announced the formation of a working group to facilitate consultations on the implementation of the Pillar Two global minimum tax in Australia for multinational companies. Applications to join this group
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