SMEs will also feel the scorch of the debt levy in Victoria supposedly targeting big businesses
In order to repair the gaping hole in the state’s budget, Victorian businesses with national payrolls above $10 million a year will be subject to an additional 0.5% levy on top of the existing payroll tax rate, with a further 0.5% for businesses with a payroll over $100 million.
Year End Tax Planning 2023
With the end of the financial year looming fast, it is an opportune time to consider the tax and financial affairs of your business and ensure that your year-end tax planning is in order.
Victorian State Budget 2023-24: Analysis
Treasurer Tim Pallas handed down the Victorian State Budget 2023-24 on the afternoon of 23 May 2023. It contains a number of proposed changes to Victoria’s tax regime, the most significant of which for business relate to payroll tax, land tax and stamp duty reform for commercial and industrial properties.
Our advocacy work: Public country-by-country reporting
In April 2023, the Government released exposure draft legislation for public comment seeking to introduce public country-by-country reporting obligations for income years commencing on or after 1 July 2023 for multinational groups with a tax presence in Australia.
Our advocacy work: Denying deductions for payments relating to intangibles
In April 2023, the Government released exposure draft legislation for public comment seeking to introduce a new measure to deny deduction for payments for the exploitation of intangible assets that are made by significant global entities to associates in foreign jurisdictions with a corporate tax rate of 15% or less.
Wish list for mid-market business from the upcoming Federal Budget
Middle market businesses continue to pull more than their share of economic weight in the Australian economy over the last 12 months as the economic landscape continued to shift and pivot in a fluid financial system.
Our advocacy work: New thin capitalisation rules exposure draft
In March 2023, Treasury released an exposure draft legislation for public comment on the new thin capitalisation rules. We made a comprehensive submission in response to the exposure draft legislation.
New thin capitalisation rules
The Government will implement new thin capitalisation rules that will operate from 1 July 2023. The proposed new rules will apply to deny interest deductions for taxpayers with foreign shareholders, or foreign operations, or that are part of multinational groups.
Research and Development Tax Incentive – lodgement deadline fast approaching
Companies that have undertaken Research and Development (“R&D”) activities during the year ended 30 June 2022 are required to register their activities with AusIndustry prior to 30 April 2023. This deadline is strictly enforced by AusIndustry.