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Earlier this month the State Revenue Office of Victoria commenced issuing land tax assessment notices for the 2024 land tax year.
PepsiCo appealed a court decision that found it owed the ATO AUD 3.6m in royalty withholding tax for FY 2018 and 2019.
Explore the impact of the latest ATO Draft Taxation Ruling on software and IP payments. Learn how overseas providers and taxpayers may be affected by changes in the ‘royalty’ definition, transfer pricing, and withholding tax rates. Understand the Commissioner's perspectives on royalties, copyright definitions, and tax treaty applications. For personalised guidance on adapting to these changes, connect with the Grant Thornton tax team.
GST and property: AAT's key ruling in Lance vs Taxation [2024] AATA 11.
Driven by consumer demand, Australia's food and beverage manufacturing sector has seen a rise in health-focused businesses. Despite market growth, challenges like supply disruptions persist, leading to notable insolvencies in 2023. We've observed a notable increase in interest from over 100 potential acquirers for brands aligned with healthier products. But timing is critical for struggling businesses – early intervention and strategic planning are key.
If you are a superannuation fund or an investor-directed portfolio service (IDPS), there is an updated compliance approach issued by the ATO in respect of claiming reduced input tax credits (RITCs) for GST paid on adviser services fees.
The ATO has recently released two new taxpayer alerts (TPAs) relating to activities delivered by associated entities (TA 2023/4) and activities conducted overseas for foreign related entities (TA 2023/5).
At the beginning of December, the ATO released TR 2023/4: Income tax: pay as you go withholding - who is an employee? Key factors include contracts, control, delegation, tools, risk, and labels. The ATO outlines criteria for investigations, focusing on intentions, written agreements, understanding tax implications, performance consistency, compliance, advice, and Superannuation Guarantee Act treatment.
This month the National Tertiary Education Union (NTEU) released its latest Wage Theft Report, revealing the extent of underpayment of wages in the tertiary education sector. The report is part of an ongoing review by the NTEU, which will publish a final report in January 2024.
To help shape the future of giving in Australia, the Productivity Commission recently released a draft report that dives into the current state, challenges, and opportunities in the philanthropy space. The report underscores the significance of philanthropy and volunteering in fostering social capital, trust, and innovation in the community sector, while addressing challenges with a view to unlock its full potential.
The Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 and the Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023 were introduced in the Parliament of Australia yesterday, 30 November 2023.
The long-anticipated tax legislation impacting off-market share buy-backs and selective share reductions passed the Senate on 16 November 2023 and is awaiting Royal Assent.
