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Australian tax incentive assisting Early Stage Innovation Companies (ESICs) to attract funding

11 Feb 2020

Australian tax incentive assisting Early Stage Innovation Companies (ESICs) attract funding

Changes in fuel tax credits from 3rd February 2020

04 Feb 2020

The ATO has announced a change in the fuel tax credits (“FTC”) rate from 3rd February 2020.

More executives to face personal responsibility under proposed Financial Accountability Regime (FAR)

04 Feb 2020

The Federal Treasury has started the year by releasing a Proposal Paper outlining a revised Financial Accountability Regime (FAR), which would extend the current BEAR accountability framework to a wider range of regulated financial institutions.

Discretionary trusts to be considered foreign persons by Victoria from 1 March 2020

03 Feb 2020

The Victorian State Revenue Office (SRO) announced this morning that it is removing its “practical approach” for not assessing discretionary trusts as foreign persons effective 1 March 2020.

Project Bank Accounts expansion on its way

23 Jan 2020

The Queensland Government has revealed its intentions to expand the application of mandatory PBAs, and proposed timeframes for the roll-out of Project Bank Accounts (PBAs).

Year in review 2019: Australian employment taxes

19 Dec 2019

2019 has been an interesting and challenging year for businesses, both large and small. As well as grappling with a weakening economy and an unsettled global trading environment, one consistent theme that stands out in Australia is an increased focus on employment tax compliance, with a raft of law changes, audit activity and landmark cases.

Queensland Land Tax Surcharge Changes

18 Dec 2019

After considerable agitation from the property industry, the Queensland Government announced last week in its 2019-20 Mid-Year Fiscal and Economic Review its intention to broadly follow the Victorian approach regarding exemptions for property developers and taxpayers who contribute to the State economy.

Foreign surcharges – time to amend discretionary trusts

18 Dec 2019

By way of an update to our alert in October on the NSW land tax amnesty, taxpayers initially had until 31 December 2019 to change their trust deeds such that they are not inadvertently deemed to be “foreign persons”.

Car Parking Fringe Benefits extended to the suburbs

12 Dec 2019

A recent draft taxation ruling, TR 2019/D5, extends the Tax Office’s interpretation of what constitutes a “commercial car parking station” as a result of a Full Federal Court decision regarding airport car parks.

Payroll assurance

06 Dec 2019

All organisations are grappling with the myriad of employee agreements and obligations that result in a wide variety of payments to their people.