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
See MoreAustralia extends CbC reporting deadline
On 18 November 2021, the Australian Taxation Office (ATO) announced that country-by-country (CbC) reporting entities that have a CbC reporting obligation due by 31 December 2021 will now have until 4 February 2022 to file (lodge) such CbC reporting
See MoreAustralia amends guideline on simplified transfer pricing record-keeping options
On 11 November 2021, the Australian Taxation Office (ATO) amended its practical compliance guideline on simplified transfer pricing record-keeping options to provide maximum and minimum interest rates for low-level inbound and outbound
See MoreAustralia: ATO publishes loss carry back video guidance
The Australian Taxation Office (ATO) has published video guidance on the loss carry back tax offset. Loss carry back provides a refundable tax offset that eligible corporate tax entities (companies, corporate limited partnerships and public trading
See MoreAustralia amends corporate tax rate
The Australian Taxation Office (ATO) has issued a reminder on changes to corporate income tax rates for base rate entities from FY 2021-22. Progressive changes to the company tax rate as following: Income yearAggregated turnover
See MoreAustralia extends Local file Part A lodgment
The Australian Taxation Office (ATO) has provided 31 December 2020 early balancing entities additional time until 30 August 2021 to lodge Part A of their 2021 local file if they indicate in their tax return they are taking up the local file
See MoreAustralia: ATO publishes Local File instructions for 2021
The Australian Taxation Office (ATO) has published the Local file instructions for 2021. These instructions apply to the local file for 2021. This relates to reporting periods starting on or after 1 January 2020. Updates to the instructions
See MoreAustralia updates guidance on claiming loss carry back tax offset
The Australian Taxation Office (ATO) has issued guidance on claiming the loss carry back tax offset. Taxpayers must meet the eligibility requirements to choose to carry back the loss and claim the tax offset. Taxpayers can claim the tax
See MoreOECD: Peer review reports under BEPS Action 14
On 15 April 2021 the OECD released peer review assessments under Action 14 of the project on base erosion and profit shifting (BEPS) which aims to make dispute resolution mechanisms more effective. These stage two monitoring reports relate to
See MoreAustralia publishes guidelines on claiming temporary full expensing and loss carry back
The Australian Taxation Office (ATO) has published guidance on how to claim temporary full expensing and loss carry back in the 2020-21 tax return to boost-up businesses and recover from the impact of the Covid-19 pandemic. Temporary full
See MoreAustralia: ATO publishes guidance on claiming loss carry back
The Australian Taxation Office (ATO) has published guidance on claiming loss carry back for early balancers and claims for partial years. Eligible corporate entities who have an early balancer substituted accounting period (SAP) or who
See MoreAustralia: ATO introduces guidance on Covid-19 and PE
The Australian Taxation Office (ATO) updated guidance on whether the presence of employees in Australia, due to the impacts of Covid-19, may create a permanent establishment (PE). The updated guidance states that the ATO will not apply
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