Our latest insights

Biotechnology organisations often grapple with three key trends – where the next round of funding will come from, how to attract specialised talent to support vital innovation, and how to tackle manufacturing and scale up. They seek stability and certainty in funding to ensure projects are supported and reach their full potential. How can the upcoming Federal Budget announcement better support this sector?

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.

The ATO has recently released guidance to assist in determining the application of the FBT exemption for EVs. There is some helpful clarification provided, but a few other areas remain ambiguous. Here are some of the highlights.

The ATO has amended PCG 2018/9 to extend the corporate tax residency transitional period until 30 June 2023 to allow taxpayers to change their governance arrangements with respect to central management and control of foreign incorporated subsidiaries. The ATO has stated that the transitional period will not be extended again.

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.

Are you up to date on your TPAR obligations? The Australian Taxation Office has begun to actively issue failure to lodge penalties for businesses who are behind on their TPAR lodgements.

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.

In an increasingly digitised global world, technology is omni-present, transcends geographic boundaries, and influences every aspect of 21st century life. With this rapid change, invisible assets, or intangible assets (“intangibles”) are progressively more important value drivers for many Multinational Enterprises (MNEs). These intangibles have become the focus of tax controversy worldwide.

Real Estate and Construction (RE&C) companies are continuously looking for ways to innovate, optimise processes, remain competitive and ease the pressure. To incentivise innovation activities onshore, the Federal Government’s Research and Development Tax Incentive (RDTI), Australia’s flagship innovation program, is available to support businesses across all industries undertake research and development (R&D) activities.

The imposition of a 15 per cent global minimum tax for multinational corporate groups appears imminent but there is still a lot of work to do to finalise details. Here’s what we know so far and how it may impact multinational businesses including pillar 2, GloBe and Safe harbour considerations.

It has been a busy month for State Taxes around the country. This month we saw the validity of foreign surcharges in question, proposed changes to NSW stamp duty in the lead up to the State election, Victoria’s recent inquiry into stamp duty and windfall gains tax changes.

Following the Government’s announcement on 28 February 2023 regarding a reduction in tax concessions for superannuation balances over $3 million, we discuss what has changed in the past 12 months and what the future may hold.