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 […]
The Government seeks to expand access to employee share schemes and encourage further employee participation by reducing regulatory requirements. The Government has confirmed that it will expand access to employee share schemes for unlisted companies by changing investment thresholds and further reducing red tape to help ensure that employees at all levels can participate in […]
The Government will provide an extra deduction of 20% for small businesses that spend on improving digital capabilities and upskilling employees. The Government further proposes PAYG instalment changes to assist with cash flow to businesses. The Government has also proposed changes in relation to carbon tax treatment to assist primary producers in smoothing their income. […]
The Government will amend Australia’s foreign investment framework to reduce the regulatory burden faced by foreign investors Unlisted land rich entities Foreign investors acquiring securities in unlisted Australian land-rich entities (i.e. entities that hold interests in Australian land with a value of greater than 50% of the value of the entity’s gross assets) will no […]
The Government has announced that it will be expanding the patent box measures announced in last year’s Budget to additional sectors to drive more investment and encourage Australian companies to commercialise their innovations in Australia. Expanding the patent box tax concession to Australian agricultural and low emission technology sectors The Government has announced that it […]
The Government has extended COVID support by treating the cost of rapid antigen tests required for work as tax deductible and exempt from Fringe Benefits Tax (“FBT”). The Government has also again allowed for various additional State support grants to be exempt from income tax. Deductibility of rapid antigen tests and COVID testing As expected, […]
On 1 February 2022, the Victorian Government introduced new regulations under the Commercial Tenancy Relief Scheme to provide continued support to small businesses experiencing financial hardship as a result of the ongoing COVID-19 pandemic.
The 2020-21 Federal Budget introduced a temporary loss carry back regime in response to the COVID-19 pandemic. The rules allow for corporate tax entities to carry back tax losses from the 2019-20, 2020-21 and 2021-22 years as far back as the 2018-19 income year to generate refundable tax offsets. Pursuant to the 2021-22 Federal Budget […]
Businesses with overdue tax debts of more than $100,000 may have their tax debt information reported to credit reporting bureaus by the Australian Taxation Office (“ATO”), following a new tax debt disclosure measure enacted in October 2019. While the regime took effect from February 2020, its implementation was delayed in response to COVID-19. Entities that […]
Recent comments by Shadow Treasurer Dr Jim Chalmers, have pointed in the direction of the Australian Labour Party (ALP) possibly re-proposing their 2019 policy for adult beneficiaries of a trust (Trust) to be taxed at a minimum rate of 30%, putting middle-market businesses at risk of losing out. Projections suggest the increase in tax could […]
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