Australia endorses OECD subject to tax rule for multinational tax reform
Andrew Leigh, the Australian Assistant Minister for Competition, Charities, and Treasury, announced that Australia is committed to multinational tax reform through a Statement of Support for the OECD's 'Subject to Tax Rule' on 20 September
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Australia proposes draft law to simplify small business taxes, enhance foreign capital gains compliance
Australia’s government has proposed a new legislation to alleviate the administrative burden of tax processes for small businesses while enhancing capital gains withholding compliance for foreign residents. The draft legislation, ‘The
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Australia: Tasmania reveals 2024-25 budget
The treasurer of Tasmania, Michael Ferguson, has delivered the 2024-25 budget for Tasmania in the House of Assembly on 12 September 2024. The 2024-25 budget focuses on driving the delivery of the 2030 strong plan for Tasmania’s future. The
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Australia outlines impact of debt deduction rules on private groups
The Australian Taxation Office (ATO) has summarised thin capitalisation and how debt deduction creation rules (DDCR) affect private groups on 3 September 2024. New information has been released to help taxpayers understand how the DDCR interacts
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Australia, Slovenia sign tax treaty
The Australian government announced on 9 September 2024 that it signed a new tax treaty with Slovenia. The tax treaty treaty is the first between the two countries and marks a significant milestone in the bilateral relationship. Once in force,
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Australia: Senate releases report on build-to-rent tax incentive bills
Australia’s Senate Economics Legislation Committee has released its report on the Treasury Laws Amendment (Build to Rent) Bill 2024 and the Capital Works (Build to Rent Misuse Tax) Bill 2024. These draft bills propose tax incentives to stimulate
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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
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Australia: 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
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Australia: 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
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Australia 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
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Australia 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
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Western 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
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Australia 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
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Australia 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
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Australia: 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
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