- The Administrative Appeals Tribunal (“AAT”) hands down decision on fuel tax credits (“FTC”)
- Back to the Future for QBCC Minimum Financial Requirements
- Impact of new whistleblowing laws
- The ATO has released its draft risk assessment framework for inbound distributors
- Change in fuel tax credits from 4 February 2019
- The ATO recently released a draft GST determination targeting credit card providers
- The Department of Home Affairs announces data exchange program with ATO
- Grant Thornton is pleased to congratulate the shareholders of Lamb Weston Holdings Inc. (Lamb Weston)
- New Victorian Government funding opportunity for businesses announced
- Proposed revisions to APS 220 Credit Risk Management
- Northern Territory Budget 2019-20
- Western Australia State Budget 2019-20
- Foreign incorporated companies relocating central management and control
- Northern Territory Property Activation Levy
- Important changes to the ALDT
On 5 April 2019, the ATO released Draft Taxation Ruling, TR 2019/D2 to clarify how entities should utilise the ALDT (“the ALDT Draft Ruling”). This ruling applies retrospectively.
Practical Compliance Guide (PCG) 2018/9 provides a transition period for foreign incorporated companies to change their governance arrangements so that they do not become Australian residents solely because their central management and control (CM&C) is located in Australia.
As set out in last week’s update, the Northern Territory State Budget provided for the implementation of a new “Property Activation Levy” (previously announced as the Vacant and Derelict Property Levy). The Property Activation Bill 2019 (NT) (“Bill”) was tabled in the Legislative Assembly on 9 May 2019.
Treasurer Ben Wyatt delivered the Western Australian State Budget on 9 May 2019. This Budget promotes jobs growth and encourages investment in key sectors of the economy.
Treasurer Nicole Manison handed down the Northern Territory Budget on 7 May 2019. This Budget maintains already announced revenue policies while introducing some minor changes to concessions for first home buyers.
On 25 March 2019, APRA proposed updating its prudential standard on credit risk with an update to APS 220 Credit Risk Management to capture the full credit life cycle.
From 1 January 2019, Queensland’s building industry participants are again required to lodge their annual audited accounts with the Queensland Building and Construction Commission (QBCC), demonstrating compliance with the QBCC’s Minimum Financial Requirements in order to maintain their building licence.
On 22 February 2019, Deputy President Justice J Jagot, in the Administrative Appeals Tribunal (“AAT”) handed down her decision on whether businesses can claim fuel tax credits (“FTC”) at the maximum rate of entitlement for fuel used while travelling on toll roads, in Linfox Australia Pty Ltd and Commissioner of Taxation (Taxation)  AATA 222 (the “Toll Roads Case”).
With the recent Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and the current Royal Commission into Aged Care Quality and Safety, whistleblowing is likely to increase. New laws encourage and protect whistleblowing but are companies ready for this?
The ATO has recently released its draft risk assessment framework for inbound distributors, Practical Compliance Guideline (PCG or the Guidelines) 2018/D8.