Our latest insights

On 1 August 2022, Treasury released draft legislation to prevent the taxation by Australia of Indian resident firms providing certain technical services performed outside Australia to Australian customers.

Yesterday the Australian Capital Territory’s (ACT) Chief Minister Andrew Barr handed down the ACT budget.

The ATO has recently announced that they have now re-commenced issuing requests to release excess contributions and other charges for superannuation fund members who did not make an election on how they would like to treat their excess non-concessional contributions for prior financial years.

Correctly adopting a sustainable element as part of a supply chain leads to environmental, customer, cultural and community benefits. It also enables family businesses to see significant, long-term financial savings and influences the succession plan for their business.

APRA has now released draft Prudential Standard CPS 230 Operational Risk Management for comment. CPS 230 establishes APRA’s expectations regarding operational resilience and will replace CPS 231: Outsourcing and CPS 232: Business Continuity, and the sector specific standards HPS 231, SPS 231 and SPS 232.

The Payment Times Reporting (PTR) Scheme was introduced on 1 January 2021, requiring large businesses to report on the payment terms, and invoice payment times for their small business suppliers.

Last week the NCAT Appeals Panel released their decision on a recent payroll tax case, Thomas & Naaz, likely to have a significant impact on medical and allied health practices.

On 20 July 2022 the ATO released its Taxpayer Alert TA 2022/2 to remind taxpayers not to undertake “treaty shopping” arrangements in order to reduce Australian withholding tax (WHT) under a Double Tax Agreement (DTA) in relation to a royalty or unfranked dividend payment from Australia.

The Government today introduced draft legislation to give effect to a pre-election promise to exempt (non-luxury) electric cars from fringe benefits tax (FBT). In further good news, hybrid electric cars have now been added to the exemption – we assume due to the extreme wait times for new electric cars at the moment, which would otherwise have significantly dampened the effect of the new law.

In our first episode, we meet Drs Gareth Andrews and Richard Stephenson from The Last Great First, who in October will attempt to become the first polar explorers to complete a fully unsupported ski crossing of Antarctica.

Family businesses with plans are more likely to thrive. Having a solid plan the whole family helps to develop and evolve not only means businesses are more robust in the present, but also in a solid and sure position for future growth and opportunities.

In 2022, Australia’s ‘perfect storm’ of low unemployment has required Australian businesses to think differently about how to attract and retain workers