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Federal budget 2022-23 tax implications for business and individuals.
The OECD has been gathering momentum towards addressing perceived tax avoidance amongst multinational enterprises (MNEs), ensuring a fairer distribution of tax for all taxpayers. The Government’s proposed multinational tax integrity to rewrite certain tax laws as they apply to MNEs is consistent with that shift. They were first announced with the intent of addressing the “loopholes” available to MNEs in the Australian taxation system.
As we watch the ramifications of the recent widespread data breach continue to play out in the media and on the floor of Federal Parliament, I keep reflecting on the requirements of APRA Prudential Standards CPS 234: Information Security and the draft Prudential Standard CPS 230: Operational Risk Management. If ever there was any doubt in the minds of Boards or Management as to why the focus on cyber security and operational resilience, then the current situation brings this into stark focus.
Wills, estates and the transfer of assets are hot topics as Australia approaches the largest intergenerational transition of wealth ever. Once a simple concept, the transition of wealth is now a maze of complex family arrangements and structures which work well to preserve assets for the next generation, however they can lead to a hefty serving of tax if not dealt with appropriately.
On 6 October 2022, the ATO released Draft Taxation Ruling TR 2022/D2 Income Tax: residency tests for individuals. TR 2022/D2 has consolidated and replaced previous ATO rulings, TR 98/17 and IT 2650 (both withdrawn effective 6 October 2022) on the ATO’s interpretation of the residency rules as set out in Section 6(1) of the Income Tax Assessment Act 1936.
On 21 September 2022 a case was released outlining that on 13 July 2022, the Administrative Appeals Tribunal (AAT) determined that the taxpayer was unable to show that activities were eligible R&D activities for income tax purposes. In doing that, the AAT affirmed the previous decision by ISA.
The ATO has released a draft Margin Scheme Valuation Requirements Determination for comment. While it’s substantially similar to the current determination, its differences may cause issues for property developers.
From 29 September 2022, the temporary halving of fuel excise announced as part of the FY22/23 budget will end.
Australia needs a strong innovation and R&D led agenda to grow our current economic standing and develop new competitive industries to drive productivity into the future. With the Government due to hand down the 2022-2023 Federal Budget on 25 October, our experts have provided their insights about what innovation measures we can expect to see from the new Government.
The Federal Government’s Jobs and Skills Summit brought Government, employers, unions and the broader community together with the aim of building a bigger, better trained and more productive workforce, boosting real wages and living standards for Australians. But how will it affect businesses in the short term – and the long term?
The deadline for existing Directors to apply for a Director Identification Numbers (DIN) is fast approaching. Existing Directors have until 30 November 2022 to obtain a Director ID. New Directors will need to apply for a DIN prior to being appointed as a Director.
The Senate committee charged with reviewing the government’s proposed new legislation for the exemption from fringe benefits tax (FBT) for electric vehicles (EVs) has now handed down its report.
