Compliance Committee Forum 2022
Pitcher Partners and McMahon Clarke together with the Melbourne and Sydney Compliance Groups held a Compliance Committee Forum Webinar, covering some of the latest issues for financial services.
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.
Brenton Chan
Now an essential part of the Pitcher Partners Funds Management Tax team, Brenton commenced his career as an analyst within the financial services tax division of a Big 4 professional firm in 2010, cutting his teeth on a portfolio which included large managed funds and industry superannuation funds. His previous experience as a senior tax […]
New Queensland land tax rules mean higher land tax bills for landowners with interstate properties
Queensland’s new Revenue Legislation Amendment Act 2022, enacted on 30 June 2022, contains a significant change to Queensland’s land tax regime and implements what was originally announced in the Queensland Government’s 2021-22 Budget Update – Mid-Year Fiscal and Economic Review on 16 December 2021. The new land tax rules it contains will apply from the 2023 land tax year onwards.
Our advocacy work: Shortened period of review
Treasury has released draft regulations that excludes some entities from the shorter two-year period of review.
Albanese government to proceed with skills & technology boost measures
The Treasurer has released Exposure Draft Legislation that, if enacted, would implement both the skills and training and technology investment boost measures announced as part of the Morrison government’s March 2022 budget. Consultation on the proposals close 19 September.
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.
ATO finalises view on post-1 July 2022 unpaid present entitlements (“UPEs”) and Division 7A
The ATO has published its final tax determination regarding the application of Division 7A to trust entitlements arising on or after 1 July 2022. This revised view, which replaces the now withdrawn TR 2010/3 and PS LA 2010/4, brings all UPEs to corporate beneficiaries within Division 7A and no longer accepts interest-only sub-trust arrangements for new UPEs.
Cessation of employment removed as a taxing point for ESS interests
Cessation of employment removed as a taxing point for ESS interests which are subject to deferred taxation from 1 July 2022.