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Victorian State Taxes: High Court rules Victoria’s Zero and Low Emission Road User Charge invalid
Client Alert Victorian State Taxes: High Court rules Victoria’s Zero and Low Emission Road User Charge invalid
In Vander stock v Victoria [2023] HCA 30, the Australian High Court handed down its decision and declared the Victorian Zero & Low Electric Vehicle road user charge to be constitutionally invalid.
Kristina Popova
Kristina Popova
| 4 min read | 08 Nov 2023
Will you be ready for pay day superannuation?
Client Alert Will you be ready for pay day superannuation?
From 1 July 2026, employers will need to pay superannuation for their employees on the same day they pay the salary and wages to which it relates.
Elizabeth Lucas
Elizabeth Lucas
| 4 min read | 23 Oct 2023
Major changes to Australia’s Thin Capitalisation rules are expected to be enacted soon
Client Alert Major changes to Australia’s Thin Capitalisation rules are expected to be enacted soon
Australia is set to introduce new Thin Capitalisation rules, which may limit a taxpayer’s debt deductions even more than under the current rules.
Michael Catterall
Michael Catterall
| 5 min read | 20 Oct 2023
APRA set credit risk provisioning expectations for ADIs
Client Alert APRA set credit risk provisioning expectations for ADIs
Today, APRA shared a letter outlining their expectations regarding credit risk provisioning for ADIs. Its focus includes robust model risk management, ongoing sensitivity analysis to navigate economic fluctuations, and the development of systematic procedures for identifying and addressing sector-specific risks – particularly in the context of AASB 9 Financial Instruments.
Claire Scott
Liam Te-Wierik
| 3 min read | 19 Oct 2023
Draft legislation released: additional tax on large super balances
Client Alert Draft legislation released: additional tax on large super balances
The controversial Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023 was released on October 3 for consultation to enact changes to superannuation tax concessions.
Simon Gow
Simon Gow
| 3 min read | 18 Oct 2023
GST and food: The Federal Court have challenged the concept of a prepared meal
Client alert GST and food: The Federal Court have challenged the concept of a prepared meal
The Federal Court has recently ruled in Simplot Australia Pty Ltd v Commissioner of Taxation [2023] FCA 1115 that certain frozen food products are not GST-free on the basis they are prepared meals, which is a decision that may have huge ramifications for the industry.
Anika Reside
Cameron Bacon
| 7 min read | 09 Oct 2023
Unpacking the FAR Bill 2023: a roadmap for financial entities
Client Alert Unpacking the FAR Bill 2023: a roadmap for financial entities
The Financial Accountability Regime (FAR) Bill 2023 marks a pivotal transformation in financial sector oversight, affecting all APRA regulated financial entities in the banking, insurance and superannuation industries as well as their significant related entities. Jointly administered by ASIC and APRA, the FAR will replace the Banking Executive Accountability Regime (BEAR), aiming to improve risk and governance cultures by imposing a strengthened responsibility and accountability framework for those financial institutions.
Tari Makanda
Claire Scott
George Sutton
| 5 min read | 21 Sep 2023
Findings from APRA CPS 511 pre-implementation review
Client Alert Findings from APRA CPS 511 pre-implementation review
APRA has released Findings from its CPS 511 pre-implementation review which covered a total of 39 entities, the majority of which were Significant Financial Institutions (SFIs).
Claire Scott
Claire Scott
| 4 min read | 11 Sep 2023
APRA releases Corporate Plan 2023-24
Client Alert APRA releases Corporate Plan 2023-24
APRA has released its Corporate Plan 2023-24 with a focus on resilience following the global banking upheaval earlier this year with the collapse of SVB and Credit Suisse takeover.
Claire Scott
Claire Scott
| 4 min read | 08 Sep 2023
Green tariff considered to support decarbonisation in manufacturing
Client Alert Green tariff considered to support decarbonisation in manufacturing
Australia's commitment to reducing carbon emissions is taking a powerful step forward with the proposed green tariff. New regulation has been proposed by Australia's Climate Change Minister, Chris Bowen, through the implementation of a carbon border adjustment mechanism on steel and cement imports. Designed to ensure a level playing field for our domestic manufacturers, this initiative could reshape the business landscape by increasing costs on imports and emphasising environmental compliance.
Richard Nutt
Richard Nutt
| 3 min read | 21 Aug 2023
Government grants in August: A strong start for FY24
Client alert Government grants in August: A strong start for FY24
There is a change of pace in the FY24 grants landscape, with the State and Federal Governments announcing and opening a wave of exciting new grant programs to support priority industries and businesses.
Simone Barker
Simone Barker
| 16 min read | 16 Aug 2023
Tax incentives to help Early Stage Innovation Companies attract funding
Client Alert Tax incentives to help Early Stage Innovation Companies attract funding
Although tech-enabled businesses are increasingly attractive for investors, many Early Stage Innovation Companies (ESICs) face stiff competition for investor capital. That’s why the Australian Government’s ESIC measures to incentivise investment in these companies are key to supporting the Federal Government’s sovereign manufacturing innovation agenda.
Himashini Weeraratne
Rebecca Iwanuscha
| 6 min read | 07 Aug 2023
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