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Tax governance, transparency and the marriage of accounting and tax disclosures

15 Nov 2019

In a world where a company’s tax payments (or lack thereof) are under increasing scrutiny, both the Australian Taxation Office (ATO) and the Australian Accounting Standard Board are now enforcing new reporting obligations that will see companies disclose their “uncertain” tax positions in their annual tax returns and financial statements.

Travel industry: Closing the GST loophole for off-shore sellers of accommodation

07 Nov 2019

Advertised as part of its campaign to ensure multinationals pay their fair share of tax in Australia, the Federal Government has recently amended the A New Tax System (Goods and Services Tax) Act 1999 (Cth) (“GST Act”), significantly changing the GST landscape for offshore sellers of Australian accommodation.

Limiting tax deductions for vacant land - amended and passed

30 Oct 2019

Legislation seeking to deny a deduction for the costs of holding Vacant Land (Treasury Laws Amendment Bill 2019) has been amended by the Senate and subsequently approved by the House of Representatives on 22 October 2019.

Globally mobile employees selling Australian ‘main residence’ to lose Capital Gains Tax exemption under draft legislation

25 Oct 2019

The Government yesterday reintroduced draft legislation to remove the Capital Gains Tax (“CGT”) main residence exemption for foreign residents.

Changes to Duties and Land Tax tabled in NSW to impact M&A deals and discretionary trusts

23 Oct 2019

Yesterday, the NSW Government tabled the State Revenue Legislation Further Amendment Bill 2019 which proposes material changes to the Duties and Land Tax regimes in NSW.

NSW Government crackdown on land tax

17 Oct 2019

We have seen many examples of taxpayers incorrectly claiming exemptions or unaware that their innocuous discretionary trust or testamentary trust is a “foreign person”. Land tax exemptions are based on self-assessment and many people and companies will believe they have self-assessed appropriately, but the exemptions can be complex and confusing, and they may not technically qualify.

Accounting and Taxation Treatment of Software Development Expenditure

26 Sep 2019

Are you developing software to generate income from customers using mechanisms such as license fees, rental payments, once-off payments or subscriptions?

Superannuation amnesty is ‘back on’

19 Sep 2019

The Government has reintroduced draft legislation to create an amnesty for superannuation shortfall disclosures.

Limiting tax deductions for vacant land

11 Sep 2019

The new rules will apply to individuals, trusts (which are not widely held) and to self-managed super funds (SMSF’s).

GST and healthy food: more food for thought required

22 Aug 2019

The GST treatment of food products has made the headlines over the last few months. Most notably the above front page of The Age earlier this year.