Our latest insights

The ATO has confirmed a stricter application of section 99B - taxation of foreign trust distributions, meaning more distributions or benefits from foreign trusts to Australian residents may now be taxable.

On 19 February 2025, a pivotal Full Federal Court decision in respect of trust law and Division 7A was handed down by the Full Federal Court in Commissioner of Taxation v Bendel [2025] FCAFC 15 which has confirmed in favour of the taxpayer.

Individuals and businesses affected by a natural disaster can seek assistance from the revenue authorities to help manage their ongoing tax obligations. Some of the assistance is automatically implemented for all taxpayers but other assistance will need to be applied for.

Australia is sitting on an untapped pot of money, potentially $34 billion, that could be recouped from the shadow or black economy. The Government set up a shadow economy taskforce in 2016, but will this year’s Federal Budget shine a light on the issue again?

There have been some recent developments from the ATO which are set to impact those using a discretionary trust as part of their financial family arrangements.

Released on 16 December 2021, the ATO has finally released its final Practical Compliance Guideline PCG 2021/4 for the allocation of professional firm profits.

Earlier this week, it was announced that businesses can now register their details to receive updates about procurement opportunities for the Brisbane Olympics & Paralympics in 2032.

As many employers still await further details about whether they will qualify for JobKeeper, the ATO Commissioner has extended the time to make payments for the first two fortnights (i.e. 30 March – 12 April and 13 April – 26 April).

The 2015/2016 financial year will have 27 fortnightly pay periods.