Fringe Benefits Tax 2023
Ali Suleyman, Elena Bogomolova and Gary Matthews from Pitcher Partners Melbourne, present the annual Fringe Benefits Tax (FBT) Update.
Exposure draft of new thin capitalisation interest limitation rules released
Treasury has released exposure draft legislation to overhaul the thin capitalisation rules for non-financial entities. The proposal will replace the current asset-based 60% safe harbour test with a fixed ratio earnings limit (which will limit net debt deductions to 30% of EBITDA).
Financial efficiencies for the Not-For-Profit sector
As the world emerges from the pandemic crisis, regulatory authorities are once again turning their attention to compliance matters.
ATO finalises work from home deduction approach for 2023 income year
The ATO has released final guidance on how employees may choose to calculate their work from home deductions for this financial year. Employees will be able to choose between a fixed rate method of 67 cents per hour, or calculating the actual expenses incurred, working from home.
Decoding your 2023 land tax assessment notice
Land tax assessment notices for the 2023 land tax year are in the process of being issued by the State Revenue Office of Victoria.
Dealmakers 2023
Merger and acquisition (M&A) activity was more subdued in 2022 following the frenzy of activity in 2021. Despite the challenging conditions, dealmakers remain upbeat about Australia’s overall deal prospects and mid-market opportunities in the year ahead.
Refund opportunity for duty and land tax surcharges paid by foreign persons
Revenue NSW announced this week that the duty and land tax surcharges imposed on foreign owners of land in NSW is inconsistent with the international tax treaties entered into by the Federal Government with New Zealand, Finland, Germany and South Africa.
No deductions to be allowed for Victoria’s new rezoning tax
Treasurer Tim Pallas has confirmed that the Victorian Government will not introduce regulations to allow deductions in relation to the new Windfall Gains Tax which commences on 1 July this year.
Mixed success for taxpayer in Guardian appeal provides little comfort for trusts
The Full Federal Court has handed down its decision in FCT v Guardian AIT Pty Ltd [2023] FCAFC 3 (“Guardian”) which considered the application of anti-avoidance rules to trust distributions to a corporate beneficiary.
Business Radar 2022: How mid-market decision makers find time to think big
Pitcher Partners’ recent Business Radar, a survey of 400 mid-market business leaders and owners, found 68% of mid-market decision makers wished they could spend more time planning and thinking about ‘big-picture’ decisions – sound familiar? The report also identifies a range of barriers business leaders struggle with that prohibit them from spending time on planning.