Our latest insights

The ATO raised concerns about franked dividends funded by capital raising, leading to Taxpayer Alert (TA 2015/2) and legislation. On December 4, 2024, the ATO issued draft PCG 2024/D4 to clarify its compliance approach.

The ATO has tightened exemption criteria for country-by-country reporting, effective January 1, 2024. Taxpayers will need to submit more information, aligning with the ATO's focus on international tax risks and local file reporting.

The ATO has increased local file reporting requirements to better understand international tax risks. These changes apply from 1 January 2025, for periods starting on or after 1 January 2024. CbCREs will need more time and resources to comply.

It is a challenging time for many; from a cost-of-living crisis and global political uncertainty, to lingering stress post pandemic. Coupled with business control weaknesses or vulnerabilities, these pressures can create the perfect storm for financial crime to occur.

Division 93 of the GST Act sets a four year limit for claiming ITCs and FTCs. Missing this means losing the right to claim. The ATO's Ruling MT 2024/1 explains how this works and when claims are timely.

Australia's Parliament has passed the Pillar Two rules, aligning with the OECD's global initiative to establish a 15% minimum tax rate for large multinational enterprises (MNEs).

Australia's new Public Country-by-Country reporting law, effective 1 July 2024, mandates multinationals to disclose financial activities, tax practices, and profit allocation per country.

The Labor Government hasn’t secured the necessary crossbench support to pass its proposed tax on superannuation accounts exceeding $3m. As of the most recent sitting of Parliament this week, the Bill has not been included in the government's list of priority legislation, raising questions about its viability and the likelihood of it being enacted into law.

In a move to encourage property investors to make their homes available for long term rentals, the Short Stay Levy Act 2024 will come into effect on 1 January 2025, imposing a levy on the booking fees paid for short stays on Victorian properties.

If you have any questions about the changes to superannuation, our national Superannuation team are here to help.

The ATO is enhancing its Justified Trust program for GST, expanding mandatory reporting for large public and multinational taxpayers.

In a recent NSWSC judgment, the Court found that an error identified by the Expert is not a ‘manifest error’.