Our latest insights

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.

When Australia is the fifth most hacked country in the world, how do cyber security experts advise people and businesses to protect themselves?

In line with the focus on tax transparency, good governance and paying your fair share, the ATO is also focused on ensuring the integrity of the R&D Tax Incentive (RDTI) program. This is not surprising given the important role the RDTI plays in fostering Australian-based innovation, research and development.

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.

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.

Australia is set to introduce new Thin Capitalisation rules, which may limit a taxpayer’s debt deductions even more than under the current rules.

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.

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.

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.

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.