Our advocacy work: Section 100A
Earlier this year, the ATO released long-awaited guidance on the application of section 100A. Find out more.
Our advocacy work: Division 7A
The ATO has updated its view regarding the treatment of unpaid present entitlements for Division 7A purposes.
Federal Budget 2022-23 | March: Sydney Webinar
Join Pitcher Partners as we discuss this year’s Federal Budget and its impact on Australian businesses. Our comprehensive analysis will examine the tax, industry and economic implications of what is expected to be a ‘pre-election’ Budget, allowing you to make informed decisions and plan for the next financial year. Our expert speakers will discuss the […]
Federal Budget 2022-23 | March: Superannuation
The Government has broadly left the superannuation system unchanged, with a minor extension to the minimum drawdown percentage to 30 June 2023. The Government confirmed that it will continue with the 50% minimum pension drawdown reduction for account-based superannuation pensions, extending the measure for a further year to 30 June 2023. This measure is intended […]
Federal Budget 2022-23 | March: Overview
The overall structure of the Federal Budget 2022-23 appears to have been designed not to offend any voter in the electorate. To this end, it could be said that the Budget lacks a constructive and meaningful push for greater innovation or efficiency within the business community. However, in its defence, the Budget handed down may […]
Federal Budget 2022-23 | March: Tax Integrity
The Budget provides funding to extend the Tax Avoidance Taskforce for a further two years to 30 June 2025, while expanding their digital data matching capabilities in respect of trust tax returns and payroll data exchanged with states and territories. Tax Avoidance Taskforce From 2023–24, the Government will provide the ATO with an additional $652.60 […]
Federal Budget 2022-23 | March: Personal income tax
The Government has announced an increase of $420 in the “low and middle income tax offset” for the 2021-22 income year but no changes to the personal income tax rates. Low and Middle Income Tax Offset In a measure designed to ease cost of living pressures, the Government will increase the low and middle income […]
Fringe Benefits Tax 2022
As 31 March is fast approaching, it is timely to commence preparations to complete and lodge your FBT return for year end 31 March 2022.
Ali Suleyman, Elena Bogomolova and Gary Matthews, will provide a general overview of key FBT areas and cover a number of recent developments as well as other important issues relevant to preparation of the FBT return.
ATO releases guidance targeting trust distributions both retrospectively and in the future
The ATO has released a package of guidance materials (“Guidance”) targeting trust distributions under section 100A. The ATO outline that they could seek to apply section 100A where tax benefits are being obtained from arrangements in connection with such distributions.
ATO to treat new unpaid present entitlements as loans from 1 July 2022
The ATO has revised its view regarding unpaid present entitlements (“UPEs”) for Division 7A purposes that has been in effect since 16 December 2009. For UPEs arising on or after 1 July 2022, TR 2010/3 and PS LA 2010/4 will be withdrawn with the consequence that interest-only complying sub-trust arrangements will no longer be accepted.