- Year in review 2019: Australian employment taxes
- Foreign surcharges – time to amend discretionary trusts
- Queensland Land Tax Surcharge Changes
- Car Parking Fringe Benefits extended to the suburbs
- Superannuation Guarantee amnesty Bill passes the House of Representatives
- Payroll assurance
- Travel industry: Closing the GST loophole for off-shore sellers of accommodation
- Limiting tax deductions for vacant land - amended and passed
- Globally mobile employees selling Australian ‘main residence’ to lose Capital Gains Tax exemption under draft legislation
- Changes to Duties and Land Tax tabled in NSW to impact M&A deals and discretionary trusts
- NSW Government crackdown on land tax
- Accounting and Taxation Treatment of Software Development Expenditure
- Superannuation amnesty is ‘back on’
- Limiting tax deductions for vacant land
- GST and healthy food: more food for thought required
- CountPlus announces acquisition of Count Financial Limited
- Proposed ATO powers to crack down on Companies, Directors and illegal phoenixing
- GST Update: GSTR 2019/D1 Creditable purpose of acquisitions in relation to transaction accounts
- Another milestone for Lamb Weston Holdings Inc.
- Prudential review findings
- South Australian State Budget 2019-20
- New South Wales State Budget 2019-20
- ACC achieves registration as a higher education provider
- Queensland State Budget 2019-20
- GST and changes to the intended use of residential property
- Victorian State Budget 2019-20
- Financial reporting thresholds doubled for ‘large’ proprietary companies
- Important changes to the ALDT
- Northern Territory Property Activation Levy
- Western Australia State Budget 2019-20
- Foreign incorporated companies relocating central management and control
- Northern Territory Budget 2019-20
- Proposed revisions to APS 220 Credit Risk Management
- Back to the Future for QBCC Minimum Financial Requirements
- The Administrative Appeals Tribunal (“AAT”) hands down decision on fuel tax credits (“FTC”)
- Whistleblowing at the right tone
- 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
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.
Foreign incorporated companies relocating central management and control
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
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
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
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
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
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”)
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”).
The ATO has released its draft risk assessment framework for inbound distributors
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
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”).