Australia: ATO proposes exemptions from Sharing Economy Reporting Regime for online platforms
The Australian Taxation Office (ATO) has proposed specific exemptions from the Sharing Economy Reporting Regime (SERR) for online platforms. The exemptions are in compliance with the OECD’s Model Reporting Rules for Digital Platforms and the
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Australia: ATO issues notice on minimum yearly repayments for division 7A loans
The Australian Taxation Office (ATO) published a notice regarding the minimum yearly repayments on a Division 7A loan on Monday, 20 May, 2024. Borrowing money from a private company might appear straightforward, but it's crucial to consider the
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Australia: ATO issues income tax filing requirements for FY 2023/24
The Australian Taxation Office (ATO) has issued the Taxation Laws (Requirement to Lodge a Return for the 2024 Year) Instrument 2024. This instrument outlines who must file an income tax return for the year ending 30 June, 2024. Additionally,
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Australia: Victoria parliament approves 2024 commercial and industrial property tax reform bill
Australia’s parliament of Victoria has passed the Commercial and Industrial Property Tax Reform Bill 2024, new provisions will come into effect starting 1 July, 2024. Under the reform, stamp duty will be payable one last time on commercial and
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Australia: ATO issues notice on withholding tax rules for interest, dividend, or royalty payments to non-residents
The Australian Taxation Office (ATO) released a notice regarding the withholding tax requirements for making interest, dividend, or royalty payments to non-residents on Sunday, 19 May, 2024. Taxpayers who have paid interest, dividends, or
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Australia: House of Representatives dismiss amendments to small business and charities bill
Australia’s House of Representatives dismissed the Senate's amendments to the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023. This bill intends to raise the instant asset write-off threshold from
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Western Australia: Parliament passes build-to-rent land tax exemption
The Western Australian Parliament has enacted the Land Tax Assessment Amendment (Build-to-Rent) Bill 2023. This legislation grants a 50% land tax exemption for 20 years to qualifying build-to-rent (BTR) developments, housing projects specifically
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Australia: ATO announces tax incentives for hydrogen and critical minerals production
The Australian Taxation Office (ATO) published a release on the proposed Hydrogen Production and Critical Minerals Tax Incentives on Tuesday, 14 May, 2024, as part of the 2024-25 Budget. The initiative is designed to accelerate investment in
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Australia: Senate Committee releases reports on tax promoter and superannuation concessions bills
Australia’s Senate Economics Legislation Committee has released reports on proposed legislation to enhance the Australian Taxation Office's (ATO) ability to target promoters of tax exploitation schemes. The report proposes to implement new
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Australia announces 2024-25 budget with multiple tax changes
Australia’s Treasurer Jim Chalmers presented the 2024-25 Budget yesterday, 14 May, 2024. The key proposals in the budget are as follows: Adjust the start date of the 2023–24 Budget measure on Tax Integrity, which expands the general
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Australia publishes guidelines to address amendments to thin capitalisation rules
The Australian Taxation Office (ATO) published on Friday, 10 May, 2024, a list of priority public advice and guidance topics regarding the modifications to the thin capitalisation rules. Additionally, the ATO mentioned that it will update the
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Australia announces consultation on draft bill to amend GST treatment for vehicle supplies
The Australian Taxation Office (ATO) issued a draft, on 10 May, 2024, for public consultation of the legislation A New Tax System (Goods and Services Tax): Waiver of Tax Invoice Requirement (Motor Vehicle Incentive Payment Made to Motor Vehicle
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Australia introduces consultation on draft legislation to waive withholding tax for US entertainers
The Australian Taxation Office (ATO) issued a draft for public consultation on 10 May, 2024, regarding the legislation Taxation Administration (Withholding Variation for Certain Payments to US Resident Entertainers Including Athletes) Legislative
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Australia: ATO offers tax relief for struggling businesses
The Australian Taxation Office (ATO) published a notice on Thursday, 9 May, 2024, regarding the availability of tax payment relief options for struggling businesses in Australia. According to the ATO, paying the tax bill in full, and on time,
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Australia consults regulation of accounting, auditing, and consulting firms following PwC tax leaks scandal
On Friday, 3 May, 2024, the Australian Treasury introduced two public consultations following the PwC tax leaks scandal. This includes a consultation on the regulation of accounting, auditing and consulting firms in Australia and a consultation
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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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