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).
Temporary full expensing rules are ending on 30 June 2023: What does this mean for your business?
The temporary full expensing (“TFE”) rules provide for a full deduction to businesses for the cost of eligible depreciating assets in the year they are first used, or installed ready for use, for a taxable purpose prior to 30 June 2023. Taxpayers should bear this strict timeline in mind to avoid missing out on accelerated tax deductions. Merely contracting for the purchase of an asset, or even becoming the owner of the asset by 30 June 2023 is not sufficient.
Our advocacy work: Non-arm’s length expense rules for superannuation funds
The non-arm’s length expense (“NALE”) rules for complying superannuation entities were introduced with effect from 1 July 2018.
Our advocacy work: Franked distributions and capital raising
Treasury has released exposure draft legislation to implement an integrity measure to make corporate distributions unfrankable where they were funded by capital raising.
Our advocacy work: Shortened period of review
Treasury has released draft regulations that excludes some entities from the shorter two-year period of review.
Our advocacy work: Multinational tax integrity
In August 2022, Treasury released a consultation paper seeking feedback on the implementation of certain pre-election policies.
Getting rid of grandfathers — the change impacting Australia’s biggest private businesses
The grandfather clause that made thousands of Australian private companies exempt from lodging financial reports with the corporate regulator was perhaps not the most memorable event of the mid-1990s.
NSW and Queensland Budget 2022-23
On 21 June 2022 the New South Wales and Queensland Governments handed down their respective State Budgets for 2022-23.
QLD Budget: A focus on payroll tax, land tax and coal royalty changes
The Queensland Government handed down its 2022-23 State Budget on Tuesday 21 June 2022.