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, […]
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.
Are you subdividing or developing your property?
Many people are now asking themselves do I just sell, improve or develop?
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 For UPEs arising on or after 1 July 2022, TR 2010/3 and PS LA 2010/4 will be withdrawn with the consequence that interest-only complying sub-trust arrangements will no longer be accepted.
In a previous article we discussed the tax treatment of purchases of COVID-19 Rapid Antigen Tests and noted that the subject of deductibility and FBT consequences regarding the acquisition of these tests
As the race to secure supplies of COVID-19 rapid antigen tests (RATs) heats up due to the ongoing wave of Omicron throughout the community, it is important for businesses purchasing RATs for employees to be aware of potentially triggering a fringe benefits tax (FBT) event.
Four years after suspending their guidelines relating to the allocation of profits of professional firms, the Australian Taxation Office (“ATO”) released PCG 2021/4 (“Guidelines”) setting out its revised compliance approach.
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