Australia ATO introduces change to CbC local file reporting from 2025
The Australian Taxation Office (ATO) released a notice announcing changes to the Country-by-Country (CbC) Local file reporting on Wednesday, 1 May 2024. These changes will take effect starting 1 January 2025. The key points of the notice
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Australia proposes laws on interest limits, foreign investment fees, and taxation for general insurers
The Australian Parliament has recently approved the following bills, which are awaiting Royal Assent. The bills are as follows: The Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill of 2023
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Australia: ATO releases discussion paper on thin capitalization rules for foreign bank branches
On 17 April 2024, the Australian Taxation Office (ATO) published a discussion paper regarding the safe harbor formula for calculating the minimum capital requirements for inward investing deposit-taking institutions (ADIs) under the thin
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Australia: ATO updates trust tax returns and private rulings forms
On 12 April 2024, the Australian Taxation Office (ATO) issued a guide detailing the upcoming modifications to the annual tax return form for trust income reporting, effective from 1 July 2024. ATO also announced updating its application forms for
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Australia: ATO offers tax returns concessions until 15 May 2024
On 17 April 2024, the Australian Taxation Office (ATO) declared a concession for tax returns which will conclude on 15 May 2024. This concession allows individual, partnership and trust tax returns to be lodged by 5 June 2024 without penalties,
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Australia: ATO announces availability of 2024 reportable tax position schedule
On 14 April 2024, the Australian Taxation Office (ATO) released the reportable tax position schedule 2024, which provides detailed guidance for filing returns. According to the guidance, companies are obligated to file a completed reportable tax
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Australia offers additional guidance on new thin capitalization rules
On 8 April 2024, the Australian Taxation Office (ATO) declared additional consultations about the guidance for the new thin capitalization rules by the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share-Integrity and Transparency)
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Australia initiates public consultation on global minimum tax legislation
On 21 March 2024, the Australian Treasury announced that it launched public consultations on primary legislation and subordinate legislation for implementing the Pillar 2 global minimum tax. The primary legislation provides guidelines for
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Australia: ATO initiates consultation on draft tax determination for hybrid mismatch rules
The Australian Taxation Office (ATO) released the draft Taxation Determination (TD) 2024/D1 - Income tax: hybrid mismatch rules - application of certain aspects of the 'liable entity' and 'hybrid payer' definitions. This draft Determination
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Australia initiates consultation on transfer pricing rules for petroleum resource rent tax
On 18 March 2024, the Australian Treasury announced that it initiated a public consultation on Petroleum Resource Rent Tax transfer pricing regulations. The deadline for receiving comments on the matter is set at 12 April 2024. In the 2023 24
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Australia: ATO announces GIC and SIC rates for Q3 2023-24
On 4 March 2024, the Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the fourth quarter of the 2023-24 income year. For the quarter commencing on 1 March 2024, the GIC
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Australia: ATO publishes eligibility thresholds for small business concessions
On 16 February 2024, the Australian Taxation Office (ATO) published a release that outlines the eligibility thresholds for small businesses for concessions. As per the release, small business owners may be eligible for concessions on the amount of
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Australia holding public consultation on updated public CbC reporting legislation
On 12 February 2024, the Australian Treasury announced it is conducting an additional public consultation regarding implementing new requirements for publishing selected tax information on a Country-by-Country (CbC) basis or public CbC reporting.
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Australia announces treasury laws amendment (cost of living tax cuts) bill 2024
On 6 February 2024, the Australian Parliament introduced the Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024, which includes amendments to the income tax rates and thresholds for individuals. The law will go into effect from 1 July 2024.
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Australia: ATO deliberating on amended interest limitation rules
On 30 January 2024, the Australian Taxation Office (ATO) announced that it is seeking public input and feedback on guidance and advice related to the amendments to the interest deduction limitation rules, also known as thin capitalization rules.
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Australia: ATO release guidance on depreciation of composite items
The Australian Taxation Office (ATO) has released the final iteration of the Taxation Ruling (TR) 2024/1, titled "Income tax: composite items - identifying the relevant depreciating asset for capital allowances". This ruling provides guidance to
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Australia: ATO issues guidance on hybrid mismatch rules
On 30 January 2024, the Australian Taxation Office (ATO) published guidance on the hybrid mismatch rules. The guidance explains why hybrid mismatch rules exist, how hybrid mismatch rules work and when they should be applied. Australia's hybrid
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Australia announces amendments to personal income tax rates and thresholds from July 2024
On 25 January 2024, the Australian Taxation Office (ATO) declared proposed changes to individual income tax rates and thresholds from 1 July 2024. These changes are yet to become law. The key proposed tax cuts will: reduce the 19 % tax rate
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