Australia declares small business energy incentive
The Australian Taxation Office (ATO) has declared small business energy incentive with an additional 20% deduction on eligible expenditures aimed at promoting electrification and enhancing energy efficiency. Eligible assets or upgrades will need
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Australia releases draft legislation on public CbC reporting requirement
On 6 April 2023, the Australian Treasury Department issued draft legislation outlining the implementation of public country-by-country (CbC) reporting requirements for specific tax-related information to be disclosed by multinational enterprises
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Australia declares R&D tax incentive application deadline
On 4 April 2023, the Australian Taxation Office (ATO) announced the deadline for companies to apply for the R&D Tax Incentive for financial year 2021-22. If a company operates on a standard income year (1 July to 30 June), the statutory
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Australia releases exposure draft bill on new thin cap rules
On 16 March 2023, the Australian Treasury issued the Exposure Draft on the earnings before interest, taxes, depreciation, and amortization interest limitation rules (EBITDA). Consultation closes on 13 April 2023. The proposal to change the
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Australia: ATO releases Reportable Tax Position Schedule 2023
On 10 Mar 2023, the Australian Taxation Office (ATO) has released the Reportable Tax Position (RTP) schedule for 2023. To determine whether a company needs to file an RTP schedule, they must conduct a self-assessment. Entities need to complete
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Australia: ATO announces latest GIC and SIC rates
The Australian Taxation Office (ATO) has announced the latest general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the third quarter of the 2022-23 income year. The General Interest Charge (GIC) annual rate is 10.06%
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Australia: ATO releases updated interest rate for simplified transfer pricing record keeping options for loans
On 17 November 2022, the Australian Taxation Office (ATO) published an updated version of Practical Compliance Guideline (PCG) 2017/2 related to the eligibility criteria for applying simplified transfer pricing record keeping options for low level
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Australia: Budget proposal for FY 2022-23
On 25 October 2022, the Australian Treasurer Jim Chalmers delivered the Federal Budget for fiscal year 2022-23. The key tax measures are as follows: Thin capitalization The Budget amended the thin capitalization rules to limit debt deductions
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Australia updates requirements for payments to foreign residents
On 8 September 2022, the Australian Taxation Office (ATO) published a notice in respect of obligations when making interest, dividend, or royalty payments to foreign residents. Taxpayers who have paid interest, dividends or royalties to a foreign
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Australia revises corporate tax transparency income threshold
On 17 Aug 2022, the Australian Taxation Office (ATO) announced a reduction in the corporate tax transparency income threshold for Australian-owned resident private companies from AUD 200 million to AUD 100 million from the 2023 income
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Australia updates local file and master file guidelines for 2022
On 9 August 2022, the Australian Taxation Office (ATO) updated guidance on the Local and Master file for 2022 along with instructions. The guidance applies to reporting periods beginning on or after 1 January 2021. The local file must be
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Australia: GST treatment of financial supplies
On 10 August 2022 the ATO opened a consultation on a draft update to Taxation Ruling No. GSTR 2002/2DC1, on the GST treatment of financial supplies and related activities. The draft update to the ruling incorporates changes in the GST law such as
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Australia: Consultation on Multinational Tax Integrity and Tax Transparency
A consultation launched by the Australian government on 5 August 2022 sets out measures that would help to address tax avoidance by multinational groups. Comments are invited by 2 September 2022. The package would implement part of the
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Australia revises guidance on diverted profits tax
On 13 July 2022, the Australian Taxation Office (ATO) issued updated guidance on the application of Diverted profits tax. The diverted profits tax (DPT) achieves the following outcomes: Aims to ensure that the tax paid by significant global
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Australia issues guidance on changing in loss carry back choice
The Australian Taxation Office (ATO) has published guidance on how to change a loss carry back choice and whether a change will affect assessments for subsequent income years. Changing loss carry back choice When taxpayers made original loss
See MoreAustralia: Eligibility criteria for reduced tax rate
On 12 May 2022, the Australian Taxation Office (ATO) has released a guide to help a corporate entity determine if it is eligible for the reduced company tax rate of 25%. These include companies, corporate unit trusts and public
See MoreAustralia: ATO declares review of APA program
On 12 January 2022, the Australian Taxation Office (ATO) has announced that it is undertaking a review of its advance pricing arrangement (APA) program. The APA program provides a valuable service delivering certainty on dealings with
See MoreAustralia: ATO issued PCG 2021/5 on imported hybrid mismatch rule
On 16 December 2021, the Australian Taxation Office (ATO) issued Practical Compliance Guideline 2021/5 on imported hybrid mismatch rule – ATO’s compliance approach (PCG 2021/5) relating to a practical administrative approach to the imported
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