Our latest insights

On 22 June 2023, the Federal Government introduced the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023 into the House of Representatives. This Bill has been referred to the Senate Economics Legislation Committee with its Report due 31 August 2023.

Improvements are needed for Government changes to Thin Capitalisation regime’s Exposure Draft (ED) legislation which will apply mainly to multinationals with high interest deductions for income years commencing on or after 1 July 2023. Grant Thornton have identified a number of areas of interest in submissions to Government which reflect our analysis and include the views of our affected clients and their bankers and lawyers.

The Government has released anti-avoidance measures, which from 1 July 2023 will deny tax deductions to Australian Significant Global Entities (SGEs) in respect of payments for intangible assets to related party offshore group entities in low tax jurisdictions.

On 16 March 2023 the Federal Government released its Exposure Draft (ED) legislation, which was first announced as part of its October 2022 Federal Budget Thin Capitalisation measures.

On 16 March 2023 the Federal Government released its Exposure Draft (ED) legislation giving effect to its October 2022 Federal Budget thin capitalisation measures, which will apply mainly to multinationals with high interest deductions for income years commencing on or after 1 July 2023.

After a long period of consultation, the Federal Government introduced the Treasury Laws Amendment (2023 Measures No.1) Bill 2023 into parliament on Thursday 16 February 2023.

If you are an Australian professional services firm with clients who are residents in Singapore and are not registered for GST in Singapore, you must be aware of a potential requirement to register and pay GST in Singapore under its new Overseas Vendor Registration (OVR) regime.

On 31 August 2022, the Australian Taxation Office (ATO) finalised its Taxation Determinations TD 2022/12 and TD 2022/13 to reflect the Full Federal Court decision in Peter Greensill Family Co Pty Ltd (Trustee) v Commissioner of Taxation [2021] FCAFC 99 that Australian Capital Gains Tax (CGT) will apply in respect of net capital gain distributions by Australian discretionary trustees to foreign beneficiaries.

Historically, off-market share buy-backs and share reductions were an effective way for listed public companies to undertake capital management whilst returning franking credits to individual and superannuation fund shareholders in particular.

Federal budget 2022-23 tax implications for business and individuals.

On 1 August 2022, Treasury released draft legislation to prevent the taxation by Australia of Indian resident firms providing certain technical services performed outside Australia to Australian customers.

On 20 July 2022 the ATO released its Taxpayer Alert TA 2022/2 to remind taxpayers not to undertake “treaty shopping” arrangements in order to reduce Australian withholding tax (WHT) under a Double Tax Agreement (DTA) in relation to a royalty or unfranked dividend payment from Australia.