Australia: ATO provides guidance on taxable payments annual reports for contractor services
The Australian Taxation Office (ATO) released guidance on 24 July 2024 for businesses that may need to submit a Taxable Payments Annual Report (TPAR) by 28 August 2024 concerning services provided by contractors. Businesses that offer services
See More
Australia: ATO announces taxation ruling updates for petroleum resource rent tax
The Australian Taxation Office (ATO) has announced an update to its Taxation Ruling TR 2014/9 to incorporate recent clarifications in the law regarding the petroleum resource rent tax (PRRT) on 25 July 2024. This ruling is in response to the
See MoreAustralia initiates consultation strengthening the foreign resident capital gains taxÂ
The Australian Treasury launched a public consultation on strengthening the foreign resident capital gains tax regime on 23 July, 2024. Comments to this consultation can be submitted until 20 August, 2024. The government announced a measure in
See More
Australia initiates consultation for improving foreign resident capital gains withholding tax
The Australian Treasury launched a public consultation on improving the foreign resident capital gains withholding tax regime on 23 July, 2024. The consultation is set to conclude on 5 August, 2024. As part of the 2023–24 Mid-Year Economic and
See More
Australia: ATO issues local and master file guidance for 2024
The Australian Taxation Office (ATO) issued guidance for the local and master file requirements for 2024 on 15 July, 2024. This guidance applies to reporting periods commencing from 1 January 2023. This guidance includes the Local file
See MoreAustralia: ATO updates foreign exchange rate guidelines
The Australian Taxation Office (ATO) updated its guidance on foreign exchange rates, which includes the monthly foreign exchange rates for the 2023-2024 income year (1 July, 2023, to 30 June, 2024) and the annual foreign exchange rates for the
See More
Australia: ATO to collect data from online marketplaces
The Australian Taxation Office (ATO) registered a gazette notice stating that it will be acquiring sales data from online selling platforms operating in Australia from 2023–24 through to 2025–26. The announcement was made on Monday, 8 July
See MoreAustralia introduces Pillar Two global minimum tax legislation in parliamentÂ
Australia’s Treasurer Jim Chalmers announced on 4 July, 2024, the introduction of legislation in parliament aimed at implementing the Pillar Two global minimum tax. Introduced by the Albanese Government, the legislation ensures multinational
See MoreAustralia: ATO finalises hybrid mismatch taxation rules
The Australian Taxation Office (ATO) released Taxation Determination (TD) 2024/4 - Income tax: hybrid mismatch rules - application of certain aspects of the 'liable entity' and 'hybrid payer' definitions on 3 July, 2024. TD 2024/4 is applicable
See MoreAustralia passes instant asset write-off, energy incentives for small businesses
The Australian Taxation Office (ATO) has released two updates for small businesses regarding the small business energy incentive and the temporary increase in the instant asset write-off threshold for the fiscal year 2023-24. Both initiatives
See MoreAustralia notifies implementation status of Pillar Two GloBe rules
The Australian Taxation Office (ATO) has shared key consultation feedback and findings regarding the implementation of the OECD/G20 Two Pillar Solution in Australia on 24 June 2024. It expects to complete the development of the necessary mechanisms
See MoreAustralia announces GIC and SIC rates for Q1 2024-25Â Â
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 19 June, 2024. For the quarter commencing on 1 July 2024, the GIC
See MoreAustralia publishes guidance on small business incentives
The Australian Taxation Office (ATO) has released a guide, on 30 June 2024, detailing the criteria for small businesses to claim the AUD 20,000 instant asset write-off (IAWO). Additionally, the ATO has also issued guidance on how to claim the
See MoreAustralia consults tax incentives for hydrogen and critical minerals production
Australia’s government has published two consultation papers requesting comments on its proposed tax incentives on hydrogen and critical minerals production. The deadline for receiving feedback on the both is set for 12 July, 2024. Both
See MoreAustralia: ATO issues guidance on pending domestic and global minimum tax
The Australian Taxation Office (ATO) has issued guidance on implementing the OECD/G20 Two Pillar Solution, also known as the Global and Domestic Minimum Tax, for multinational businesses in Australia on 24 June, 2024. Although this measure has
See MoreAustralia: ATO issues guidance on disregarding Division 7A
The Australian Taxation Office (ATO) issued an advisory regarding the Division 7A provisions on Monday, 24 June 2024, providing clarification on when the Commissioner of Taxation may disregard the operation of Division 7A or allow a deemed dividend
See MoreAustralia: ATO updates PAYG withholding tax tablesÂ
The Australian Taxation Office (ATO) declared updates to the Pay As You Go Withholding (PAYGW) tax tables, which will take effect on 1 July 2024. Employers are reminded to ensure that their payroll software is updated with the new rates to
See MoreAustralia: NSW imposes higher surcharges, land tax limits for foreign property investors
Australia’s New South Wales (NSW) government announced an increase in the foreign purchaser duty surcharge and foreign owner land tax surcharge for 2025. From 1 January, 2025, the foreign purchaser duty surcharge will increase from 8% to 9%.
See More