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Important changes to the ALDT

14 May 2019

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.

Foreign incorporated companies relocating central management and control

13 May 2019

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.

Northern Territory Property Activation Levy

13 May 2019

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.

Western Australia State Budget 2019-20

09 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.

Northern Territory Budget 2019-20

08 May 2019

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.

Proposed revisions to APS 220 Credit Risk Management

01 May 2019

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.

Back to the Future for QBCC Minimum Financial Requirements

15 Apr 2019

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.

The Administrative Appeals Tribunal (“AAT”) hands down decision on fuel tax credits (“FTC”)

12 Mar 2019

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) [2019] AATA 222 (the “Toll Roads Case”).

The ATO has released its draft risk assessment framework for inbound distributors

11 Feb 2019

The ATO has recently released its draft risk assessment framework for inbound distributors, Practical Compliance Guideline (PCG or the Guidelines) 2018/D8.

Change in fuel tax credits from 4 February 2019

01 Feb 2019

The ATO has announced a change in the fuel tax credits (“FTC”) rate from 4 February 2019. This FTC rate change is reflective of the bi-annual indexation of rates which are made in line with the consumer price index (“CPI”).